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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:

8 CoursesFundamental Skills for Enterprise Risk Management

6 CoursesCOSO 2013

21 CoursesCompliance

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.

51 Reviews (148 ratings)Reviews

4
Anonymous Author
Good overview.
4
Anonymous Author
Good for high level understanding of the changes to COSO
5
Member's Profile
All her courses are great. Abrief history of the COSO framework.
5
Anonymous Author
Good summary.
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.
5
Member's Profile
Great course
5
Member's Profile
The comparisons between the 1992 Framework and the 2013 Framework were well demonstrated in the presentation. Thank you, Lynn.
5
Member's Profile
Thorough and clear presentation of the concepts!
5
Anonymous Author
Concise and easy to follow description / overview of transition.
4
Anonymous Author
blah
4
Member's Profile
Much better than anticipated.
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
I liked having the supporting docs, i.e. PDF's to write notes.
5
Anonymous Author
Nice overview
5
Member's Profile
very well summarized and explained
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.
4
Anonymous Author
Helpful refresher and foundation for COSO.
5
Member's Profile
Good overview on COSO 2013
4
Anonymous Author
Origin of COSO
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
Anonymous Author
Great course!
3
Member's Profile
3/5
4
Member's Profile
great concise summary, good flow of information
4
Member's Profile
The course provided enough specifics to enhance comprehension of material covered.
4
Anonymous Author
Good course!!
4
Anonymous Author
Good overview and provides an understanding of the key elements and changes.
4
Anonymous Author
It was a very good course
5
Member's Profile
Very good course
5
Anonymous Author
good course
5
Member's Profile
Great overview.
5
Member's Profile
Good information...
5
Member's Profile
Very good overview of COSO2013
5
Anonymous Author
Thanks for the update on the COSO 2013 framework. Decent course!
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
Great overview, very informative.
3
Anonymous Author
x
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
Anonymous Author
It's going to help when my company set up internal controls.
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.
5
Anonymous Author
good introduction
5
Member's Profile
Great compare and contrast COSO 1992 versus COSO 2013.
4
Member's Profile
Good
4
Anonymous Author
Good
5
Anonymous Author
Nice organization of content.
5
Anonymous Author
Great high level overview of changes in the framework.
5
Member's Profile
Excellent overview of the latest update to COSO
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.
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
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
Anonymous Author
Great info on COSO FR&IO
4
Good review in depth of the topic. Helps to understand the evolution of COSO to what we're implementing today.

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
SUPPORTING MATERIALS
  PDFSlides: Implementation Requirements
  PDFImplementation Requirements Glossary/Index
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM