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Internal Controls, COSO and COVID-19

Description

Companies that fall victim to fraud schemes need to reassess internal controls in order to prevent future fraudulent activity. In this course, we will review the 18 most prevalent internal controls that should be present (as well as designed and operating effectively) in order to prevent future frauds. These controls are taken from Association of Certified Fraud Examiners’ Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse. Then we will tie these controls to the 17 internal control principles offered by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), the framework used by virtually all entities and auditors to assess the design and operational effectiveness of internal controls. Lastly, we will consider the impact of the 2020 pandemic on internal controls in the coming era.

Learning Objectives
  • Understand that fraud occurs in companies with seemingly sound internal control structures
  • Assess how internal controls fit into the COSO framework and determine whether mitigating controls are sufficient
  • Understand the difference between reactions and responses to changing circumstances
  • Recognize that the days of working in an office may be numbered (or certainly reduced)
  • Understand that audits and other attestation engagements can actually be performed remotely, reducing time and cost
Major Topics
  • ACFE’s Report to the Nations and the most commonly found controls in fraud victim organizations
  • Internal controls in relation to COSO principles
  • How to employ controls to cut losses
  • How to modify controls in the post-COVID era
  • The potential impact of increased enforcement of laws and regulations to replenish government coffers
  • Remote work circumstances and considerations
Provider
Surgent CPE
Course Level
Basic
CPE Field of Study
Auditing
4
Who Should Attend

CPAs in public practice and industry who wish to educate clients or colleagues on how to assess internal controls and adapt in the post-COVID era

Instructor(s)
Curtis Quickel
Prerequisites

None

Advanced Preparation

None

Location
Webcast
Event Information
When
Dec 8, 2022
12:40 pm - 4:20 pm MST
Location
Webcast
Total CPE Credits
4
Format
Webcast

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$ (% off)
$200.00

NON-MEMBER


$ (% off)
$286.00
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Internal Controls, COSO and COVID-19


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