Information & Communication is necessary for the entity to carry out internal control responsibilities to support the achievement of objectives. Management generates and uses relevant and quality information from both internal and external sources to support the functioning of internal control. Communication is considered a continual and iterative process of providing, sharing and obtaining necessary information. Information and Communication is the fourth component in the COSO framework.
COSO 2013 maintained the same five components previously identified within the 1992 framework. These include:
This COSO training course is designed to focus on the Information and Communication component and the three separate principles that support this component.
Information and Communication stands at the heart of any company. It incorporates not just verbal communication but also a company’s IT infrastructure.
The course dissects the three principles and important concepts that companies need to understand and support in order to prove that the principles are in place and functioning. We also discuss concepts related to mapping the principles to controls within the organization.
Management and the external auditors must understand each of these principles and be able to adequately support that they exist, are appropriately designed and functioning. In addition, the components must effectively work in combination to provide for a positive attestation to internal controls.
Review Questions: COSO 2013 Requirements for Complying with the Information and Communication Component
FINAL EXAM: COSO 2013 Requirements for Complying with the Information and Communication Component
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Ms. Fountain has over 30 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She currently performs consulting for companies on internal audit, risk management, internal controls, financial reporting and accounting along with performing training. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks
Ms. Fountain has developed and delivered leading edge training sessions on COSO, Internal Audit, ERM, Accounting, Leadership, Governance, Compliance and Ethics. She has numerous recorded webinars on Illumeo dot com.
Ms. Fountain has authored a publication for the Institute of Internal Auditors Research Foundation (IIARF) titled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. The publication will be released April 20, 2015. In addition, she is authoring a publication for Auerbach on “The Realities of performing the Chief Audit Executive Role”. The publication will be released in the Fall 2015. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate.