Operationalizing COSO

This course examines the COSO attributes and 17 components and speak to what procedures need to be considered.

4.25 (102 reviews)
Udemy
platform
English
language
Compliance
category
Operationalizing COSO
382
students
2.5 hours
content
Aug 2017
last update
$54.99
regular price

What you will learn

Explore the driving force behind the 2013 Committee of Sponsoring Organizations (COSO) Internal Control Framework and suggested applications beyond Internal Control Over Financial Reporting (ICFR).

Discover the benefits of applying the COSO framework to the entire organization.

Identify each of the COSO attributes and principles and recognize their application to operational and compliance processes.

Description

When the Committee of Sponsoring Organizations (COSO) released the COSO 2013 Framework, they specifically stated their intent that the framework be utilized for more than just Internal Control Over Financial Reporting (ICFR). Many companies have undergone and completed the mapping processes for the 17 principles to the ICFR controls.  They must now examine how the framework can move into the operational stage.

Much has changed since 1992 when the COSO Framework was originally issued. Market globalization has become the norm, expectations for governance and risk management have soared in the wake of corporate scandals such as Enron and WorldCom, and laws, regulations and standards for conducting business have increased exponentially.

While the 2013 COSO Internal Control Framework retains the core components you are familiar with there is an increased focus on non-financial controls and reporting objectives.  No longer is it acceptable to ignore operations in regards to the COSO framework.  Today, the concepts and principles of COSO 2013 must be applied across the entire organization.  However, applying these concepts across operations and compliance has proven to be very challenging for many organizations.

Background:

This course will examine the COSO attributes and 17 components and speak to what procedures need to be considered to move the framework to an operational stage that also addresses compliance issues (far beyond internal control over financial reporting (ICFR). We will examine how organizations can apply the 17 new principles outlined in the 2013 COSO framework within their business. We will take our discussion far beyond financial reporting. 

If you would like Continuing Education Credit (e.g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: Moving COSO to Operationalization Stage. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an ‘approved-by-the-governing-body’ CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more.

Content

Introduction

Introduction to Operationalizing COSO
Driving Force Behind Operationalizing COSO
Governance, Globalization and Business Models
Laws, Accountabilities, Fraud
COSO Principles: Application to Operation/Compliance Processes
Control Environment
Principle One and Two
Principles Three, Four and Five
Risk Assessment
Principles Six and Seven
Principle Eight
Principle Nine
Control Activities
Principle Ten
Principle Eleven
Information and Communication
Monitoring and Summary

Supporting Materials

Slides: Moving COSO to Operationalization Stage
Moving COSO to Operationalization Stage Glossary/Index

Review and Test

Review Questions
FINAL EXAM

Reviews

M
October 1, 2023
The course didn’t explain as how the control framework should be established under COSO as that’s the key part of coso operationalization
Rayid
July 4, 2022
I wish the course had more resources and quizzes. Also having a summarized page including all 17 principles would have helped in revising and understanding more.
Varun
February 11, 2021
This is a great course that provides an overview of the COSO controls framework. I would especially recommend it for anyone in the financial services sector as a lot of the work we do revolves around ensuring compliance with established benchmarks. It has changed my perspective on why we do a lot of the things that we do in my firm.
Jessica
October 18, 2020
The content was good but the video kept freezing (and it wasn't my Wi-Fi or computer). I would have to wait several minutes for the video to start again (even if I "rewound" the video, it would still freeze at the same spot). I just had to let it start again on its own. This happened multiple times and was very frustrating.
Agnes
July 28, 2020
Concepts and principles are clearly and concisely explained. Several examples are given to place things into context. However, the amount of text on the powerpoint slides could be reduced and instead time and content could be invested in interactive tasks.
Israel
April 7, 2020
La expositora sabe mucho del tema y la foma de explicar hace más fácil entender el tema. Ojalá incluya material práctico.
Ephraim
February 10, 2020
Diagram depicting the Components and Principles of COSO is not used by the Resource person in explaining the Framework
Ibrahim
January 10, 2019
The course very good subject content and the instructor very good explanation. Thank you for the instructor .
Zaki
January 7, 2019
Operationalizing COSO was good quick refresher course on principles of COSO with a few examples. But needed some more practice quiz questions. Further, no completion certificate.

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1317200
udemy ID
8/9/2017
course created date
12/1/2020
course indexed date
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