COSO Framework for Internal Controls, Risk Assessment and Financial Statement Audit (com)

When
Thu Oct 12
Where
San Francisco
Time
08:30 AM
Tags
City
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Description



This course will address the procedures for conducting a risk assessment for errors and fraud. It will review risks for financial statement preparation, operations, and compliance. Methods for designing and assessing the effectiveness of internal controls, including the importance of monitoring the controls, will be discussed.
Further, the instructor will review the COSO framework for internal controls and provide examples of how to implement the framework. Examples of preventive and detective controls will be illustrated and he will review the importance of internal controls and how they can reduce the time and cost of financial statement audits and reduce the risk of fines from compliance audits.
A few key areas of focus in this two day training will include:

Internal controls designed to prevent errors and fraud
Internal controls designed to detect errors and fraud
Designing a good risk assessment
Conducting a risk assessment
Monitoring internal controls
Using good internal controls to reduce audit costs
Internal controls for operations
Internal controls for compliance



Seminar Fee Includes:
Lunch
AM-PM Tea/Coffee
Seminar Material
USB with seminar presentation
Hard copy of presentation
Attendance Certificate
$100 Gift Cert for next seminar

Download Brochure

Learning Objectives:

How to conduct a risk assessment
Designing internal controls
Evaluating and assessing internal controls
What are key preventive controls
What are key detective controls
How good internal controls can reduce audit costs
How good internal controls can reduce the risk of penalties in compliance audits

Who Will Benefit:

Certified Public Accountants
Certified Fraud Examiners
Internal and External Auditors
Chief Financial Officers
Controllers
Accounting Managers
Public and Private Accountants
Consultants
Risk Officers
Compliance Officers


Day 01(8:30 AM - 4:30 PM)

08.30 AM - 09.00 AM: Registration
09.00 AM: Session Start
Review the COSO Framework for Internal Control

Control Environment
Control Activities
Risk Assessment
Information & Communication
Monitoring


Conducting a Risk Assessment

Identifying financial statement misstatements due to errors
Identifying financial statement misstatements due to fraud
Identifying compliance risks
Identifying operations risks


Evaluating Risks of Misstatement

Risk assessment checklist
Assessing the severity of the risk
Assessing the likelihood of the risk


Risk in Large Organizations vs Small and Medium Sized Entities


Day 02(8:30 AM - 4:30 PM)

Designing internal controls

Internal controls for financial reporting
Internal controls for compliance
Internal controls for operations


Different types of internal controls

Preventive controls
Detective controls
Mitigating and compensating controls


Evaluation of the internal controls

Evaluating and assessing internal controls
Key preventive controls
Key detective controls
The importance of monitoring controls


Cost effective internal controls

Using good internal controls to reduce audit costs
Cost vs Benefits analysis of controls
Using internal controls as part of the enterprise risk management process





Robert K Minniti, President and Owner of Minniti CPA, LLC

Dr. Minniti DBA, CPA, CFE, Cr.FA, CVA, CFF, MAFF, CGMA, PI is the President and Owner of Minniti CPA, LLC. Dr. Minniti is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator in the state of Arizona. Dr. Minniti received his doctoral degree in business administration from Walden University, received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Dr. Minniti teaches graduate and undergraduate courses in accounting, fraud examination, fraud criminology, ethics, forensic accounting, external audit, and internal audit, at DeVry University, Grand Canyon University, Northwestern University, and the University of Phoenix. He designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College. He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, internal control development, business continuation planning, risk management, financial forecasting, and Sarbanes-Oxley compliance work. Dr. Minniti is an instructor teaching continuing professional education classes for the American Institute of Certified Public Accountants, ComplianceOnline, CPE Link. AccountingEd, Clear Law Institute and various state CPA Societies.

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Location

location
  1. San Francisco
    San Francisco, San Francisco, CA