COSO 2013 Control Activity Compliance
4.2 (14 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
72 students enrolled

COSO 2013 Control Activity Compliance

This course teaches the 3 basic principles of Control Activity component of COSO 2013.
4.2 (14 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
72 students enrolled
Last updated 8/2020
English
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Current price: $34.99 Original price: $49.99 Discount: 30% off
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This course includes
  • 2 hours on-demand video
  • 3 articles
  • 3 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Define the Control Activity component for COSO 2013.
  • Examine the three principles supporting the control environment.
  • Analyze sixteen points of focus that supports the three principles of control activities.
  • How to utilize these points of focus most efficiently in your transition process.
  • Design of principles vs. execution – understanding the critical difference.
  • Proper mapping for control activities.
Requirements
  • There is no advanced preparation needed but exposure to risk management and some knowledge of finance would be helpful.
Description

It's been more than 20 years since the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released its Internal Control—Integrated Framework (the original framework). The new framework will become effective in December 2014. Professionals must first obtain a basic understanding of the concepts, principles and potential impact, including changes from the 1992 framework and the key COSO components and related principles.

COSO 2013 maintains the same five components previously identified within the 1992 framework.  These include:

  • Control Environment
  • Risk Assessment
  • Control Activities
  • Information & Communication
  • Monitoring

This course is designed to focus on the Control Activity component and the three separate principles that support this component. 

Control Activity is named as the third component within COSO 2013. Control Activities are actions defined through policies and procedures that help ensure management directives to mitigate risks to the achievement of objectives are carried out.  Control activities are performed at all levels of the organization and at various stages of business processes and technology. 

  • The organization selects and develops control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels.         
  • The organization selects and develops general control activities over technology to support the achievement of objectives.     
  • The organization deploys control activities through policies that establish what is expected and procedures that put policies into place.

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.

The course dissects the three principles and important concepts that companies need to understand and support in order to provide that the principles are in place and functioning.  We also discuss concepts related to mapping the principles to controls within the organization.

If you would like Continuing Education Credit (e.g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: COSO 2013 Control Activity Compliance. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an ‘approved-by-the-governing-body’ CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more.

Who this course is for:
  • Anyone interested in Accounting, Risk Management, and Finance or related fields.
Course content
Expand all 11 lectures 01:46:02
+ Introduction
8 lectures 01:45:59
Principle 10
08:38
Principle 11
04:29
Principle 12
09:17
Mapping CE Principles and Course Summary
08:12
COSO 2013 Control Activity Compliance
53:29
+ Supporting Materials
3 lectures 00:03
Slides: Control Activities
00:00
Control Activity Glossary/Index
00:00
Bonus Material: "Manager’s responsibility for Internal Control"
00:01
+ Review and Test
0 lectures 00:00

Review Questions: COSO 2013 Control Activity Compliance

Review Questions
3 questions

FINAL EXAM: COSO 2013 Control Activity Compliance

FINAL EXAM
5 questions