Control Objectives for Business Enterprise

Senior executives have long sought to better control the enterprise they run. Internal controls are put in force to keep the company on course towards profitability goals and achievement of its mission, and to minimize surprises along the way.

Course Features

This course covers the Committee of Sponsoring Organizations of the Treadway Commission (COSO) model for evaluating internal controls developed in 1992. This model has been adopted as the generally accepted framework for internal control and is widely recognized as the definitive standard against which organizations measure the effectiveness of their systems of internal control. The COSO model defines internal control as "a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance of the achievement of objectives in the following categories:

• Effectiveness and efficiency of operations
• Reliability of financial reporting
• Compliance with applicable laws and regulations"

Target Audience

Finance / CPA professionals, I.T. professionals, Internal & External auditors

Course Outlines

1. Control Environment
• Integrity and Ethical Values
• Commitment to Competence
• Board of Directors and Audit Committee
• Management’s Philosophy and Operating Style
• Organizational Structure
• Assignment of Authority and Responsibility
• Human Resource Policies and Procedures
2. Risk Assessment
• Company-wide Objectives
• Process-level Objectives
• Risk Identification and Analysis
• Managing Change
3. Control Activities
• Policies and Procedures
• Security (Application and Network)
• Application Change Management
• Business Continuity / Backups
• Outsourcing
4. Information and Communication
• Quality of Information
• Effectiveness of Communication
5. Monitoring
• On-going Monitoring
• Separate Evaluations
• Reporting Deficiencies