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Internal Control Training (COSO 2013 ICF)

An effective system of internal control demands more than rigorous adherence to policies and procedures: it requires the use of judgment. Management and boards of directors use judgment to determine how much control is enough Risk is now defined as the “effect of uncertainty on objectives”.

In November 2009, the International Organization of Standardization (ISO) released the first international risk management standard titled ISO 31000:2009 Risk Management

The Challenge

Building strong internal controls is a huge challenge. Often, a few standard controls are thrown into the process expecting the controls to function and mitigate the risks. The solution to this challenge is the implementation of a formal and a structured Internal Control Framework (ICF) system and processes that effectively identify, assess, and manage risk within acceptable levels and control these risks.

Course Overview

The course provides participants the understanding of risk management concepts and provides them with practical tools and methods required for implementation framework. This is an instructor led course designed to provide a practical understanding of the new global framework for risk management.

In this intensive course, participants gain a complete understanding for implementing risk management processes in their organization. Practical exercises and case studies help to better understand concepts and evaluation of multiple methods and techniques. Specifically, the course will discuss the nuances of the new COSO 2013- Internal Control Framework.


Day 1

9:00 Registration 9:15 Introductions 9:30 Objectives and importance of the controls 10:45 COBIT and Sox overview 11:45 Internal Control Framework - COSO 2013 Framework – Part 1 14:15 Internal Control Framework-COSO 2013 Framework – Part 2 (continuation) 15:45 Internal Control over External Reporting Framework - COSO 2013 17:30 Open Forum / Q& A 17:45 End of Day One

Day 2

09:30 Special Session: Guest Speaker 10:30 Group Exercise: Building Internal Controls in Financial Reporting 11:45 Case Studies 12:45 Operational Risk Management 14:15 Companies Act: Internal Control Testing 15:45 IT Controls and COBIT Framework 16:30 Testing of controls - Methodology and Approach 17:00 Short Assessment 17:30 Open Forum / Q& A 18:00 Certificates and End of Program

Dates and Location

Major Star Hotel

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See Brochure Special discounts for 3 or more participants from one company


Manoj Jain
98337 67114