The COSO internal controls framework forms the basis for establishing Sarbanes-Oxley compliance. This course provides a step-by-step plan for installing and implementing effective internal controls with an emphasis on improving IT and other internal controls as well as integrating better risk management processes. Internal controls specialist Robert Moeller looks at topics including the importance of effective systems on internal controls in today's enterprises, the new COSO framework for effective enterprise internal controls, and what has changed since the 1990s internal controls framework.
Upon successful completion of this course, participants will be able to:
- Identify enterprise internal controls, noting their historical importance and their role in business and the internal control environment in order to provide context for the current COSO framework.
- Define the various elements of internal controls.
- Identify various milestones in the internal control definition process, which lead to the development of the COSO framework.
- Define the components of the original COSO internal controls framework.
- Identify changes to the environment as a result of the Sarbanes-Oxley Act.
- Identify the important aspects of the newly revised COSO framework.
- Identify the five principles that comprise the control environment.
- Identify the principles described in the control environment section of COSO.
- Differentiate between various risk assessment tools and processes.
- Cite control activities principles and activities.
- Identify the principles of the COSO information and communication system control objectives.
- Cite the principles of the COSO monitoring control objectives.
- Identify operational objectives and business management functions of COSO internal control operations controls.
- Identify IT-related controls and the IT hierarchy in order to meet COSO internal control objectives.
- Identify reporting control objectives within the COSO framework.
- Recognize the various components of an EDMS and their impacts on the reporting internal controls.
- Cite the areas of regulatory and legal internal controls that can best position the company to comply with and address the various internal control objectives.
- Identify GRC concepts and framework as they relate to the internal controls.
- Differentiate between application and general IT controls and the importance of them in the IT control environment.
- Identify important components and characteristics of the Information Technology Infrastructure Library (ITIL) and the COSO framework.
- Differentiate between internal controls in a wired environment, wireless environment, and software as a service environment.
- Differentiate the various components of the ERM model.
- Identify important aspects of the history and application of COBIT.
- Identify the principles of COBIT and their application to the entity and the framework.
- Identify the impact and relationship of ISO standards on the global environment.
- Identify how the COSO framework assists the board of directors in overseeing the company.
- Differentiate between types of service organization control (SOC) reports.
- Identify implementation strategies and issues for entity's undertaking the adoption of the revised framework.
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