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:
- Control Environment
- Risk Assessment
- Control Activities
- Information & Communication
- Monitoring
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.
- Principle 13: The organization uses relevant information. (5 POF)
- Principle 14: Internal communication is effective. (4 POF)
- Principle 15: External communication is sufficient. (5 POF)
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.
“Citations of information on the COSO framework, principles and points of focus mentioned through this course are directly worded from the COSO literature and relayed here with the permission of COSO.org as a training mechanism related to their framework. The full document of the Framework can be found at COSO.org”.
Course Series
This course is included in the following series:
7 CoursesCOSO 2013
- COSO 2013 Overview
- COSO 2013 Control Environment
- COSO 2013 Risk Assessment
- COSO 2013 Control Activity
- COSO 2013 Information and Communication
- COSO 2013 Monitoring
- COSO 2013 - Operational Execution
Learning Objectives
- Defining Information & Communication component for COSO 2013
- Examining the principles supporting the information and communication component.
- Articulation of the Points of Focus that support the principles of Information & Communication.
- Exploring how to utilize these points of focus most efficiently in your transition process.
- Design of principles vs. execution – understanding the critical difference.
- How the Information & Communication component connects to the other four components of COSO.
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Prerequisites
Prerequisite: Exposure to risk management
Advanced Preparation: None