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Enrolled:
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Duration: 1.5 Hours
Level: Intermediate
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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 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 Risk Assessment component and the four separate principles that support this component. 

Risk Assessment involves a dynamic and iterative process. It considers changes in the external environment/business model that may impede achievement of objectives.  Every entity faces a variety of risks from both internal and external sources.  Risk assessment forms a basis by which risk will be managed.

  • The organization must specify objectives with sufficient clarity to enable the identification of risks relating to the objective. 
  • The organization identifies risks to the achievement of its objectives across the entity and analyzes risks as a basis for determining how the risks should be managed.
  • The organization considers the potential for fraud in assessing risks to the achievement of objectives.
  • The organization identifies and assesses changes that could significantly impact the system of IC.

Management and the external auditors must understand each of these principles and be able to adequately support that they exist and 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 four principles and important concepts that companies need to understand and support in order to provide that the Risk Assessment principles are in place and functioning.  We also discuss concepts related to mapping the principles to controls within the organization.

Course Collections

This course is included in the following Course Collections:

Learning Objectives

  • Defining Risk Assessment component for COSO 2013
  • Examining the four principles supporting the risk assessment component.
  • Articulation of the 32 Points of focus that supports the four principles of the risk assessment component.
  • Utilizing these points of focus most efficiently in your transition process.
  • Design of principles vs. execution – understanding the critical difference.
  • How the Risk Assessment component connects to the other four components of COSO.

38 Reviews (111 ratings)Reviews

4
Anonymous Author
Another great course by Lynn. Great reminder that the risk assessment is not something which can be done once and then forgotten. It must be an iterative process which is constantly being updated with changes in the external environment and in a company's business model.
5
Member's Profile
The points of focus combined with the COSO principles solidifies the underlying concepts of a risk assessment process well. Thanks for structuring the course accordingly!
4
Anonymous Author
I would have loved to see an example of how to put the RA principles into practice, e.g. what it would look like. Good overview of all RA points of focus.
5
Member's Profile
The underlying principles of risk assessment and the relation with COSO guidelines are well demonstrated!!! Wonderful presentation
5
Anonymous Author
l like learn about this course and subject We will follow full courses for an intense love thank you very much
4
Member's Profile
A tough subject made much easier to comprehend through incremental learning and great real-life examples.
4
Member's Profile
She is a good instructor and covers the material well. The class is worth the time.
4
Member's Profile
Great detail on the POF and surrouding details on COSO risk assessments.
5
Member's Profile
I particularly liked the explanations in detail of this complicated area.
5
Anonymous Author
I thought it was a good training in an area I'm not too familiar with.
5
Anonymous Author
I love Lynn's classes, very organized and informative. Good job Lynn
3
Anonymous Author
Not as clear in the materials to retain subject lesson.
4
Anonymous Author
Good presentation of COSO risk assessment requirements.
4
Member's Profile
A good lesson on risk assessment for any entity.
4
Member's Profile
Good, although a bit repetitive at times.
5
Member's Profile
Very interesting information on Risk.
5
Anonymous Author
Very thorough and well presented.
5
Anonymous Author
Very detailed and easy to follow.
5
Member's Profile
Great course, highly recommended
5
Member's Profile
Very comprehensive presentation.
5
Member's Profile
Interesting. Good material.
4
Anonymous Author
It was a very good course
5
Anonymous Author
Very detail information.
5
Anonymous Author
Good reference source
4
Member's Profile
Nice refresh on risk.
5
Anonymous Author
great information
5
Member's Profile
great overview.
4
Member's Profile
Very thorough.
5
Anonymous Author
nice overview
4
Member's Profile
Great course
5
Anonymous Author
good course
4
Anonymous Author
Informative
5
Anonymous Author
good course
Member's Profile
Good course
5
Member's Profile
great!
4
Anonymous Author
Good
4
Member's Profile
Good
Anonymous Author
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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
Risk Assessment Principles and Components
  14:52Principles and Components of Risk Assessment
  16:04A Closer look at Principle 6
  8:28A Closer Look at Principle 7
  10:05A Closer Look at Principle 8
  8:38Principle 9 and Course Summary
Continuous Play
  1:02:56COSO 2013 Risk Assessment Compliance Continuous Play
SUPPORTING MATERIALS
  PDFSlides: Risk Assessment
  PDFRisk Assessment Glossary/Index
BONUS MATERIAL
  PDFBonus Material: "The Walls of Governance"
  PDFBonus Material: "ERM"
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM