COSO Framework for Internal Controls, Risk Assessment and Financial Statement Audit: 2-Day In-Person Seminar

By: Robert K Minniti, President and Owner of Minniti CPA, LLC
Location :- San Francisco, CA | Thursday, March 17, 2016 | Friday, March 18, 2016
“COSO Framework for Internal Controls, Risk Assessment and Financial Statement Audit” – This course is approved by NASBA (National Association of State Boards of Accountancy). Seminar attendees are eligible for 16 CPE credits upon completion of this workshop.

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Course 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

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

CPE-GRC

We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at 650 620 3961. Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200, www.learningmarket.org, e-mail cpe@nasba.org.

Program Delivery Method: Group-Live
Program Level: Intermediate
Advance Preparation/Program Prerequisites: None

Course Outline

Day One (8:30 AM – 4:30 PM)
Registration Process: 8:30 AM – 9:00 AM

Session Start Time: 9:00 AM

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 Two (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

Meet Your Instructor

Robert_Minniti_90_112
Robert K Minniti
President and Owner of Minniti CPA, LLC

Robert K Minniti (Bob) is the President and Owner of Minniti CPA, LLC. Bob is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, and Chartered Global Management Accountant. Bob is currently pursuing a doctoral degree in business administration at Walden University. Bob 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. Bob is a professor teaching graduate level courses in accounting, fraud examination, fraud criminology, ethics, forensic accounting, external audit, internal audit, tax, and real estate finance at DeVry University, Grand Canyon University, Northwestern University, and the University of Phoenix. He has 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, real estate financing, internal control development, business continuation planning, risk management, financial forecasting and Sarbanes-Oxley compliance work. Bob is an instructor teaching continuing professional education classes for the American Institute of Certified Public Accountants.

Bob served on the American Board of Forensic Accounting for 5 years the final two years as Chairman of the Board. He also served on the Board of the American College of Forensic Examiners for two years.

Location :
San Francisco, CA (Venue to be announced shortly)

March 17-18, 2016
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The registration fee includes: the workshop; all related course materials; morning tea/coffee, lunch and afternoon tea/coffee on both the days.
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Written cancellations through fax or email (from the person who has registered for this conference) received at least 10 calendar days prior to the start date of the event will receive a refund — less a $200 administration fee. No cancellations will be accepted — nor refunds issued — within 10 calendar days from the start date of the event.

On request by email or fax (before the seminar) a credit for the amount paid minus administration fees ($200) will be transferred to any future GRC Seminars event and a credit note will be issued.

Substitutions may be made at any time. No-shows will be charged the full amount.

We discourage onsite registrations, however if you wish to register onsite payment to happen through credit card immediately or check to be submitted onsite. Conference material will be given on the spot if it is available after distributing to other attendees. In case it is not available we will send the material after the conference is over.

In the event GRC Seminars cancels the seminar, GRC Seminars is not responsible for any airfare, hotel, other costs or losses incurred by registrants. Some topics and speakers may be subject to change without notice.

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