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Duration: 1.5 Hours
Level: Intermediate
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Expert Certifications

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

Each component is now defined by separate principles that underlie the component.  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 Control Environment is defined as the overall attitude, awareness and actions of directors and management (i.e. "those charged with governance") regarding the internal control system and its importance to the entity.  The Control Environment is named as the first component within COSO 2013.

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

  1. The organization demonstrates commitment to integrity and ethical values.
  2. The Board maintains independence from management and exercises oversight of internal control.
  3. Management establishes structure, reporting lines, and appropriate authority and responsibility.
  4. The organization demonstrates commitment to attract, develop and retain competent individuals.
  5. The organization holds individuals accountable for internal control responsibilities.

This course is part of a series of courses: 

COSO 2013 Framework Requirements & Implementation Overview  COSO 2013 Control Environment Compliance (This Course) COSO 2013 Risk Assessment Compliance  COSO 2013 Control Activity Compliance  COSO 2013 Requirements for Complying with the Information & Communication Component  COSO 2013: Requirements for Complying with the Monitoring Component of COSO

Course Collections

This course is included in the following Course Collections:

Learning Objectives

  • Defining the Control Environment for COSO 2013
  • Examine the five principles supporting the control environment.
  • Discuss points of focus that support the five principles of the control environment and how to utilize these points of focus most efficiently in your transition process.
  • Design of principles vs. execution – understanding the critical difference.
  • How the control environment sets the “tone” for the remaining components.

 

43 Reviews (163 ratings)Reviews

4
Anonymous Author
Good overview of the control environment component.
4
Member's Profile
Excellent summary of the CE and its affect on an organization.
5
Member's Profile
Always great to learn from your perspective, Ms. Fountain!
3
Anonymous Author
45
5
Anonymous Author
It was a good training. I learned a lot.
5
Anonymous Author
Easy to understand explanation of COSO 2013's Control Environment Requirement
5
Member's Profile
Some interesting perspectives
5
Anonymous Author
Thorough and clear explanation of the concepts!
5
Anonymous Author
A good set of steps to think about and follow. Great questions though hard to get answers to.
5
Member's Profile
Ms. Fountain is a very knowledgeable specialist. Excellent training, very well rounded, clear, concise, useful. Lots of ideas to apply in the company. Excellent. I will take more of Ms. Fountain courses.
4
Member's Profile
Well thought out
4
Member's Profile
Great course
5
Member's Profile
Excellent course
4
Anonymous Author
Great course
5
Member's Profile
great!
4
Anonymous Author
It was a very good course
5
Anonymous Author
god course
5
Member's Profile
I enjoyed this course.
5
Anonymous Author
I didn't realize how dated the COSO Framework that I had been using previously was! Glad they updated. Thanks for the course.
4
Anonymous Author
Good course.
5
Anonymous Author
Course was very informative and the presentation was well done.
5
Anonymous Author
Very Good!!
3
Anonymous Author
Nice job
5
Anonymous Author
The instructor is very knowledgeable.
5
Member's Profile
The course is well presented!
3
Anonymous Author
x
4
Member's Profile
Helpful for anyone in finance or accounting but I think those in external and internal audit would specifically get the most from this course.
5
Member's Profile
I felt the first question in the quiz was a trick question. "Which of the following is not an attribute or definition of the control environment?" The question should be reworded to better represent what is being asked.
4
Anonymous Author
Very informative. Easy to follow and relevant to my current duties.
5
Anonymous Author
Lots of great information & examples
5
Member's Profile
Solid overview of a very subjective component of COSO 2013
4
Member's Profile
Good
4
Member's Profile
Good course
4
Member's Profile
Good overview of COSO 2013.
5
Anonymous Author
Good COSO discussion
5
Anonymous Author
Nice work.
4
Member's Profile
Good overview of COSO 2013 control environment
5
Anonymous Author
Another excellent course from Lynn Fountain
5
Member's Profile
Another outstanding course. The legitimacy of the IA function is dependent on the knowledge of its practicing professionals. These course are a must for all audit personnel.
4
Member's Profile
Very good.
4
Member's Profile
Good material with a knowledgeable instructor. Only critique would be to use specific examples from failures to demonstrate how the control environment was a major factor in the failure. I keep thinking about Andy Fastow from Enron.
5
Anonymous Author
Excellent overview of the COSO 2013 Control Environment principles. I really liked Lynn's statement: "In the early years,companies focused more on the design,documentation and testing of financial controls. Evaluation of the Control Environment was often a secondary consideration." I have found this to be the case in the company that I previously worked at.
5
Anonymous Author
great information on COSO control environment compliance. great examples.

Prerequisites

Prerequisite: Exposure to risk management

 

Advanced Preparation: None

 

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 ext. 106, or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
Control Environment Definition, Attributes, and Pr
  7:26Defining The Control Environment
  16:10Control Environment Attributes
  19:25Control Environment Principles 1 - 5
  5:43Mapping CE Principles
Conclusion
  8:37Methods of Evaluation and Course Summary
Continuous Play
  1:01:422 COSO 2013 Control Environment Compliance
SUPPORTING MATERIALS
  PDFSlides: Control Environment
  PDFControl Environment Glossary/Index
Bonus Materials
  PDFBonus Material: "Controlling The Control Environment"
  PDFBonus Material: "When the Whistle Blows"
  PDFBonus Material: KSCPAs Newsletter
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM