Internal Controls: COSO's Integrated Framework - Overview and the Five Components

Level: Basic
Credits (50 min.hr.): 1
Prerequisites: none.

In this course we discuss internal control based on the COSO Study, including issues concerning defining the COSO Study, the Treadway Commission, the sponsors of the Treadway Commission, internal control as a process, boards of directors, management, other personnel, objectives, effectiveness and efficiency of operations, reliability of financial reporting, compliance with applicable laws and regulations, fundamental concepts of the definition, people, and reasonable assurance.

We then discuss the components of the control system, including issues concerning the five components, the relationship of the components, the control environment, risk assessment, control activities, information and communication, and monitoring information and communication.

This course is the first of four related courses.

Course Highlights:

• Definition of internal control
• Fundamental concepts of the definition
• Internal control over financial reporting
• Components of internal control
• Control environment, risk assessment, and control activities

Course Objectives:

• Understand the background of the COSO Study.
• Define internal control.
• Identify fundamental concepts of the definition.
• List the five components.
• Describe the control environment, risk assessment, and control activities.
• Discuss information and communication, and monitoring information and communication.

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