Implementation of COSO principles based models (2013 & 2017)

Implementation of COSO principles based models (2013 & 2017) udemy course free download

Choosing, implementing and assessing your best internal control model

A substantial element for the good order of organizations, both public and private, as they grow and become more complex, has always been the establishment of an internal control system. This internal control system serves to structure functions and processes in a functional way, prevent the occurrence of fraud and guarantee due financial reporting.

With the passage of time and the occurrence of various incidents that led to bankruptcies and corporate scandals, the original internal control framework, which was a casuistic and undocumented compilation of best practices, entered into crisis.

Thus, in 1992, the COSO (Committee of Sponsoring Organizations) framework was established, promulgated by the joint effort of five prominent organizations:

AAA – American Association of Accountants

AICPA – American Institute of Certified Public Accountants

IMA – Institute of Managerial Accountants, Instituto de Auditores Gerenciales

FEI – Financial Executives Institute

IIA – Institute of Internal Auditors, Instituto de Auditores Internos

Over time, this model showed virtues and limitations, giving rise to the subsequent formulation of other alternative frameworks that we will analyze in this course:

· CoCo – Committee of Canadian Organizations, in 1992

· COSO – ERM in 2004 ERM stands for Enterprise Risk Management. Enterprise Risk Management

· In 2013 and 2017, two PRINCIPLES-BASED internal control frameworks were issued, which are currently prevalent and whose detailed implementation will be the subject of the last part of this interesting and instructive course