Critical New COSO Internal Control Framework Concepts [COS4]

Jun 24, 2016
Time: 12:30 pm-4:00 pm

Subject:

Accounting & Auditing

Credit Hours:

4.00

Price:

Member: $150.00
Non-member: $225.00

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Discussion Leader:

Melissa G. Critcher, CPA    more info

Melissa G. Critcher has her own firm located in the Charlotte, North Carolina area that focuses on auditing employee benefit plans, plan sponsor support, CPA firm technical review, and various other accounting and consulting services. She has extensive experience in auditing and accounting, which includes manufacturing, professional service, healthcare, and retail industries, with a specialization in employee benefit plans. She is an author and instructor of continuing education courses for various organizations, including the North Carolina Association of CPAs (NCACPA) where she has been recognized as an Outstanding Discussion Leader. Melissa’s career began with a small, local CPA firm in North Carolina, and she has since worked for various sized accounting firms across North Carolina during the course of her career. She has been providing auditors with the fundamentals and techniques necessary in order to properly audit defined contribution and defined benefit plans for more than 20 years. Her auditing background includes performing engagements for various size benefit plans, both limited and full scope audits, as well as evaluating Service Organization Control reports. Melissa graduated from Appalachian State University with a Bachelor of Science degree in Business Administration specializing in Accounting. She is a member of the NCACPA and other professional organizations.

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Website registration for this course closes on June 17, 2016. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.

Full Description

Critical New COSO Internal Control Framework Concepts (COS4)

June 24, 2016 / Afternoon Session

Alaska Society of CPAs
2600 Cordova Street, Suite 211
Anchorage, AK

LATE REGISTRATION POLICY
For registrations received less than 21 days from the course date will be charged a late fee of $50 for each 8 hour course and $25 for each 4 hour course.

All successful entities, regardless of nature, size, and complexity, must have a well-designed and effectively operating system of internal controls over reliable financial reporting, in addition to managing other risks. This course will provide practical guidance on exactly what a sound system of internal controls looks like and the resulting impact on the reliability of financial statements, particularly for smaller entities. In addition, we will explore COSOs 2013 updates to the original 1992 Internal Control - Integrated Framework to better manage the unique and challenging risks of todays entities.

Major Topics:
Important differences between the 1992 version of the framework and the 2013 COSO guidance
Key components of internal control per the COSO Internal Control - Integrated Framework, and the significant role each plays in the design and operating effectiveness of internal control over reliable financial reporting
Evaluating design and implementation of an entitys design on internal controls, including impact on risk of material misstatement in financial statements
Testing controls for operating effectiveness, including determining sufficiency and appropriateness of the nature, timing, and extent of control testing procedures
Special considerations related to the use of outside service organizations
Key concepts of the Enterprise Risk Management Integrated Framework that expands on internal control, providing a more robust and extensive focus of broader risk management

Learning Objectives:
Explain the evolution of internal control concepts since the origination of the 1992 version of COSOs Internal Control-Integrated Framework, including important new concepts contained in the updated 2013 version
Describe important internal control concepts related to evaluating the design, implementation and operating effectiveness of internal control over reliable financial reporting
Be familiar with a more extensive enterprise-wide risk management approach guided by COSOs Enterprise Risk Management Integrated Framework
Be familiar with practical implementation tips and examples

Designed For: Accountants both in public and private practice responsible for designing, evaluating and/or monitoring internal controls over financial reporting

CPE Credits: 4, Accounting & Auditing

Level of Knowledge: Intermediate

Prerequisite: Experience with designing, evaluating or monitoring internal controls

Acronym: COS4

Discussion Leader: Melissa G. Critcher, CPA