You mapped the 17 new COSO 2013 principals to your internal controls. Now what? COSO’s new Framework is intended to go beyond financial reporting controls and address a broader spectrum of business risks. The landscape has changed and the new 2013 framework needs to be applied in all reporting situations including internal, external, and nonfinancial reporting objectives. Are you ready?
Much has changed since the 1992 COSO Framework was originally issued. Market globalization has become the norm and expectations for governance and risk management have soared in the wake of corporate scandals such as Enron and WorldCom. Laws, regulations and standards for conducting business have increased exponentially.
While the 2013 COSO Framework retains the core components you are familiar with there is an increased focus on non-financial controls as well as operational, compliance and reporting objectives. Today, the concepts and principals 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. Many have implemented COSO 2013 but are not yet achieving the benefits intended.
This course will examine not only how organizations can transition to the new framework but also how these changes can provide strategic advantages for an organization. We will take our discussion beyond financial reporting. Participants will engage in active discussion on how the framework can be broadened within their individual entities and applied to a variety of operational and compliance functions.
Learning will be interactive through a combination of lecture, scenario analysis and group interaction.