COSO Framework 2013 for Internal Controls and Management Responsibilities - By Compliance Global Inc

MessageThis Webinar is over
Date Mar 24, 2015
Time 01:00 PM EDT
Cost $175.00
When the topic of internal control is brought up, the conversation frequently centers on control activities or procedures, rather than the bigger picture of the whole internal control framework.
COSO 2013 along withthePublic Company Accounting Oversight Board’s December 2012 report on the adequacy of the public accounting firm’s application of Internal Control procedures over Financial Analysis Reporting are two critical compliance documents that have a tremendous impact on the ongoing application of focus of not just financial reporting but also operational and compliance internal controls.
A December 2014 deadline was established by the COSO Commission for transition from the COSO 1992 internal control framework to the COSO 2013 internal control framework.  For companies who are publicly traded and file SEC statements, the COSO framework is the guidance most cited for Sarbanes-Oxley attestation. 
In May 2013, the COSO framework 2013 was updated from the previous 1992 version.  The new framework effective date is December 15, 2014.  As such, any company with a year-end falling after December 15, 2014 must have transitioned their internal control work to the aspects of the new framework. 
For companies not publicly traded, the COSO framework remains the leading control document utilized in evaluation of internal controls.  Management, executives, the board and auditors should all have a strong understanding of COSO 2013 and its principle based approach.
In addition, COSO is strongly urging companies to employ the framework further than just their internal controls to financial reporting.  The expectation is that the framework should be applied through operations and compliance areas.  
Why Should You Attend
Companies who disclose that they follow the COSO framework for SOX compliance must be able to firmly attest with adequate documentation in relation to the 17 principles cited within the new framework. The simple fact that the 2013 COSO framework found it imperative to update a version that has been in existence since 1992 is evidence that experts recognize the demands of shareholders, regulatory bodies as well as consumers.
COSO 2013 outlines 5 components and 17 principles that underlie those components. In addition, there are 77 points of focus that companies must pay attention to. Significantattention will be placed on compliance to COSO 2013 by thePublic Company Accounting Oversight Board,when they begin their routine review of the public accounting firms during the 2015 year.
Companies and firms have taken varied approaches to their transition efforts.  This webinar will help to outline the original expectations of the COSO framework and compare and contrast how the actual implementation has been rolled out.
Areas Covered in the Session
•Overview of the COSO 2013 five components, 17 principles and related points of focus.
•Understanding the concept of working together in synergy.
•Initial expectations of the COSO 2013 framework vs. actual implementation to-date
•Will your COSO transition and framework be sufficient for SOX compliance
•Management’s responsibility for accepting responsibility for internal controls
•Importance of maintaining a solid system of internal controls.
Learning Objectives
Who Will Benefit
•              Managers and supervisors
•              Risk and Legal Professionals
•              Compliance Professionals
•              Process improvement professionals
•              Internal Auditors

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