COSO: The Updated 2013 Framework Course

Introduction – Your opportunity to . . .

  • recognize how the updated IC Framework is easier to use and apply in designing andimplementing internal control
  • understand key updates to the IC Framework
  • consider transitioning existing system(s) of internal control to, and
  • new opportunities forapplying, the updated IC Framework

Calling….

  • Internal and External Auditors
  • Risk and Control professionals
  • Management consultants and corporate governance professionals
  • Business Managers, C-Level Executives, Board Members who wish to understand

Agenda

Overview

  • What is COSO?
  • Stakeholder and user involvement in updates

Updated IC Framework eases use and application

  • Appreciate why a fresh look at controls will benefit your company
  • Describe specific challenges that influenced updates
  • Describe how the updates eases use and application
  • Recognize how the updated IC Framework aligns with regulatory reporting and auditing requirements

Summary of key updates

  • Describe key updates to the IC Framework
  • What Is and Is Not changing
  • Describe COSO’s requirements for effective internal control

Consideration of Each Component, including

  • Principles
  • Points of Focus
  • What is changing

Linkage to ERM

  • COSO’s IC and ERM Frameworks

Impact on business, stakeholders, and users

  • Consider relevant next steps for timely transition REGISTER NOW – Click Here
  • Impact of adopting updated IC Framework varies by business

Instructor Bio

Frank Martens

Frank Martens is a Director in PwC’s Risk and Controls practice. He provides governance, risk management and internal control related services to a wide range of public andprivate companies. Frank was the Project Lead Director on the PwC team workingwith COSO to update the Internal Control – Integrated Framework. He is also aprincipal contributor to the Illustrative Tools for Assessing Effectiveness of a Systemof Internal Control and Internal Control over External Financial Reporting: ACompendium of Approaches and Examples. Frank has presented across North America and on global webcasts on the updated Framework.

In addition to working on the update of the Internal Control – Integrated Framework, Frank is a Principal Contributor of the 2006 Internal Control over Financial Reporting – Guidance for SmallerPublic Companies and the 2004 Enterprise Risk Management – Integrated Framework and coauthorof COSO’s Understanding and Communicating Risk which explores risk appetite asenvisioned in the Enterprise Risk Management – Integrated Framework. Frank has contributedseveral other articles on risk and control to both Canadian and US Accounting publications.

Frank is also a Chartered Accountant with over 25 years of experience. His clients include large and small public and private companies, public sector entities, and not for profit organizations. Hehas helped organizations seeking to implement and enhance their risk management and internalcontrol capabilities in the energy, health care, higher education, mining, oil and gas, software, andtourism sectors. He has worked with many boards seeking to assess and improve the governanceaspects of ERM and internal control and has worked hands-on with many internal audit functions indeveloping risk-based audit plans, conducting audits, and board reporting.