Understanding the COSO Framework for Internal Controls (Morning Session)

Wednesday, October 27 8:45am - 12:15pm

(Check-In 8:40am)

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4.00 Credits

Member Price $140.00

Price will increase by $20 on 10/20

Non-Member Price $205.00

Price will increase by $20 on 10/20

Overview

Internal controls over financial reporting are used to prevent, detect, and correct misstatement. They also help to reduce the chance that fraud will occur. The auditor is required to obtain an understanding of an entity’s controls as part of the risk assessment process. This workshop will provide participants with an opportunity to explore the design of controls over the significant systems typically found in a small- to mid-size client through the use and understanding of the COSO framework.

Highlights

This program focuses on all things the accounting professional should be aware of including:

  • • Background on internal controls
  • • COSO Framework
  • • Understanding the design of controls at the entity level and at the activity level
  • • Control Activities

Prerequisites

Basic audit and accounting course or experience

Designed For

  • • Audit practitioners working on audits of non-public companies
  • • Accountants in industry who want to improve their entity’s internal controls

Objectives

  • • Describe the evolution of internal controls and its impact on the profession
  • • Recognize the professional requirements and guidance related to internal control considerations in an audit, including their relationship to risk assessment
  • • Develop a basic understanding on how to test and audit internal controls
  • • Identify and assess the principles of the COSO Framework related to entity-level controls that applies to the control environment, risk assessment, information and communication and monitoring
  • • Apply and document your understanding of control activities elements of the COSO Framework

Leader(s):

Leaders

Salvatore Collemi

Salvatore A. Collemi, CPA, is the Managing Member & Founder of Collemi Consulting & Advisory Services, LLC. Mr. Collemi brings more than two decades of experience with U.S. and international financial reporting and professional standards, corporate governance and risk management practices of public accounting firms.

Collemi Consulting & Advisory Services, LLC’s mission is to strive to promote and enhance global audit quality.

His practice provides outsourced high-level strategic and technical guidance to external auditors, litigation attorneys, C-suite, valuation experts and institutions that support the CPA profession. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, financial statement preparation, bookkeeping, time & billing, etc. Mr. Collemi is also available as a keynote speaker at company retreats.

As a former Staff Accountant in the Division of Corporation Finance, a Technical Manager in the National Peer Review Program and national office technical partner at leading institutions such as the SEC, AICPA and several mid-size to large international public accounting firms, Mr. Collemi has demonstrated the impact of U.S. and International financial reporting, internal control systems and regulatory compliance acumen as they affect privately-held and publicly-traded companies.

As a recognized subject matter expert on IFRS, Mr. Collemi was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014.

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Non-Member Price $205.00

Member Price $140.00