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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 original framework is widely accepted as a leading framework for designing, implementing, and conducting internal control and assessing the effectiveness of internal control. Since then, technology has drastically changed the business operating environment and the associated risks. In May 2013, the COSO foundation released an update to the framework.  The framework was updated due to global economic changes, enhanced information technology and increased shareholder expectations. Professionals must obtain a basic understanding of the concepts, principles and potential impact, including changes from the 1992 framework and the key COSO components and 17 principles.  This course provides an overview of the important concepts of COSO 2013. You'll learn about the important changes in the COSO framework and explore opportunities for management to place a renewed focus on internal control and enhance and solidify their Sarbanes-Oxley attestation.

Course Collections

This course is included in the following Course Collections:

Learning Objectives

  • Explore the definition of Internal Control (IC) and its importance in today’s business.
  • Explore reason for COSO update and dissect key changes.
  • Discover the basic tenants of Internal Control (IC).
  • Recognize the keys to the COSO 17 principles
  • Explore how to perform a needs impact assessment and compliance plan.

62 Reviews (172 ratings)Reviews

5
Anonymous Author
Excellent course which explained the differences between COSO 1992 and COSO 2013. Nicely laid out reference materials. I like the way that Lynn listed the steps needed for the transition plan in an easy to understand manner.
5
Member's Profile
Excellent introduction to COSO 2013. I really enjoyed this course, as it provided solid overview of Internal Control and COSO 1992, contrasted with the new concepts and requirements of COSO 2013.
5
Member's Profile
This is an excellent overview of the COS framework and establishing a framework for internal controls. It's useful even if you already have robust internal control policies and procedures.
4
Member's Profile
Not sure why a good class that lasts 1:26 minutes doesn't warrant 1.5 CPE hours. A CPE hour is 50 minutes. Clearly there are 1.5 hours here. Good class otherwise.
5
Member's Profile
Thanks for putting together a great overview of the COSO 2013 framework. This definitely increases my appreciation for internal controls including SOX compliance.
5
Member's Profile
Great overview! I can now talk intelligently with our Chief Audit Officer about what is changing and what stays the same, and how to apply the 17 principles.
4
Anonymous Author
I wasn't too familiar with COSO, so this course what an excellent overview. I really enjoyed that a high level overview was given of COSO 1992.
5
Member's Profile
The comparisons between the 1992 Framework and the 2013 Framework were well demonstrated in the presentation. Thank you, Lynn.
5
Anonymous Author
A very high quality course and materials that far exceeds the cost. I'd recommend the course and overall service to others.
3
Member's Profile
Course provides good background information for context to COSO as well as comparison to 1992 and 2013 COSO framework.
5
Anonymous Author
I liked that the instructor included a video of herself with the slides and she did not just read from the cards.
5
Anonymous Author
Great overview of the concepts of COSO 2013. Perhaps provide more quick examples for each component or principle.
4
Good review in depth of the topic. Helps to understand the evolution of COSO to what we're implementing today.
5
Anonymous Author
This was good, basic overview of the COSO 2013 updates. Would recommend to anyone new to the COSO requirements.
5
Anonymous Author
I didn't understand why this course only qualified for 1 hour of continuing education. Good information.
5
Anonymous Author
This was a good refresher of COSO framework and clearly described changes from previous framework.
4
Anonymous Author
A bit redundant but still a valuable and insightful discussion of the refreshed framework.
4
Member's Profile
The course provided enough specifics to enhance comprehension of material covered.
4
Anonymous Author
The detailed presentation of the COSO framework is very informative and useful.
4
Anonymous Author
Good overview and provides an understanding of the key elements and changes.
4
Member's Profile
More specific examples would be helpful, some areas were a bit drawn out
4
Member's Profile
This was a very good course that I will be able to refer to in my work.
5
Anonymous Author
Thanks for the update on the COSO 2013 framework. Decent course!
5
Member's Profile
All her courses are great. Abrief history of the COSO framework.
5
Anonymous Author
Concise and easy to follow description / overview of transition.
5
Member's Profile
I liked having the supporting docs, i.e. PDF's to write notes.
5
Anonymous Author
It's going to help when my company set up internal controls.
4
Anonymous Author
Good for high level understanding of the changes to COSO
5
Anonymous Author
Great high level overview of changes in the framework.
5
Member's Profile
Great compare and contrast COSO 1992 versus COSO 2013.
5
Member's Profile
Thorough and clear presentation of the concepts!
5
Member's Profile
Excellent overview of the latest update to COSO
4
Member's Profile
great concise summary, good flow of information
4
Anonymous Author
Helpful refresher and foundation for COSO.
5
Member's Profile
It's been great learning about frameworks
4
Anonymous Author
Really useful overview of COSO 2013
5
Member's Profile
very well summarized and explained
5
Anonymous Author
Great overview, very informative.
Member's Profile
Very good overview of COSO2013
5
Anonymous Author
Nice organization of content.
4
Member's Profile
Much better than anticipated.
5
Member's Profile
Good overview on COSO 2013
4
Anonymous Author
It was a very good course
5
Anonymous Author
Great info on COSO FR&IO
5
Member's Profile
Good information...
5
Anonymous Author
good introduction
5
Member's Profile
Very good course
4
Anonymous Author
Good Information
5
Member's Profile
Great overview.
4
Anonymous Author
Origin of COSO
5
Anonymous Author
Good summary.
4
Anonymous Author
Good overview.
4
Anonymous Author
Good course!!
5
Anonymous Author
Nice overview
5
Anonymous Author
Great course!
5
Member's Profile
Great course
5
Anonymous Author
good course
5
Member's Profile
interesting
4
Anonymous Author
Good
4
Member's Profile
Good
4
Anonymous Author
blah
Member's Profile
3/5

Prerequisites

Prerequisite: Exposure to risk management

  • This is the beginning overview course for individuals to gain a baseline understanding of the new requirements of COSO 2013 and how they compare to COSO 1992.
  • Individuals should have a basic understanding of the COSO framework, COSO organization and its application of use. 

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
Framework Requirements & Implementation Overview
  6:37Definition and Benefits of IC
  8:23IC Basic Tenants
  2:42COSO 2013 Benefits and Challenges
  9:46Basic Framework
  13:45COSO Update and Key Changes
  2:33Keys to COSO 17 Principles
  7:13Control Environment
  5:15Risk Assessment
  7:14Control Activities
  2:38Monitoring
  4:52Framework Application
  3:14Needs Impact and Compliance Plan
  7:19Compliance
CONCLUSION
  2:43Summary
Continuous Play
  1:27:43COSO 2013 Framework Requirements & Implementation Overview Continuous Play
SUPPORTING MATERIALS
  PDFSlides: Implementation Requirements
  PDFImplementation Requirements Glossary/Index
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM