The Committee of Sponsoring Organisations of the Treadway Commission (COSO) is a joint initiative of five private sector organisations dedicated to providing thought leadership to executive management and governance entities on critical aspects of organisational governance, business ethics, internal control, enterprise risk management, fraud and financial reporting. COSO has established a common internal control model against which companies and organisations may assess their control systems.
The 2013 Framework is expected to help organisations design and implement internal control in light of many changes in business and operating environments since the issuance of the original Framework, broaden the application of internal control in addressing operations and reporting objectives and clarify the requirements for determining what constitutes effective internal control.
COSO has also issued Illustrative Tools for Assessing Effectiveness of a System of Internal Control and the Internal Control over External Financial Reporting (ICEFR): A Compendium of Approaches and Examples. The Illustrative Tools are expected to assist users when assessing whether a system of internal control meets the requirements set forth in the updated Framework. The ICEFR Compendium is particularly relevant to those who prepare financial statements for external purposes based upon requirements set forth in the updated Framework.
Specific learning outcomes of this short learning programme are to:
MSA Attendance based short learning programme
This course is appropriate for a variety of audiences who have an interest in learning about the 2013 Framework. COSO has universal applicability, regardless of industry, sector or department size. We recommend auditors and key management stakeholders attend.