The 1992 COSO Internal Control – Integrated Framework (ICF) provided the foundation for nearly every internal controls and risk management standard and regulation. In May 2013, the much anticipated update to the 1992 ICF was released and is already having far-reaching effects upon management teams, auditors, process & controls specialists, compliance teams as well as those with responsibilities related to internal controls over financial reporting (ICFR).
Please join Deloitte & Touche LLP on September 27, 2013 as they present the updated 2013 COSO Internal Control - Integrated Framework. During this 8 hour session, Deloitte will provide an overview of 2013 COSO framework’s structure and mission, including what was carried forward into the new framework, broad changes and transition/implementation guidance.
Deloitte will highlight the key changes including the significant enhancements that may pose challenges to management, provide a detailed understanding of each of the 17 principles, as well as help you formulate specific actions for how you can identify, assess and implement the changes to your specific organization. The facilitators will also discuss the limitations of internal control and considerations and next steps during the transition period, including available tools and resources.
At the end of this course, participants will be able to:
- Provide an overview of COSO’s structure and mission
- Provide an overview of the COSO 2013 framework, including:
- Core components of the 1992 Framework carried forward in the 2013 ICF
- Expectations for governance and oversight
- Application of ICF to complexities in laws, rules, regulations, and standards
- Expectations related to competencies and accountabilities
- Use of, and reliance upon evolving technologies
- Expectations related to the prevention and detection of fraud
- Provide practical implementation examples facilitated through directed questions and activities
- Discuss the limitations of internal control
- Discuss considerations and next steps during the transition period, including available tools and resources
Jennifer M. Burns - Partner, Regulatory and Public Policy Group
Deloitte & Touche LLP
Jennifer M. Burns is a Partner in the Washington D.C. office of Deloitte & Touche LLP. Jennifer focuses primarily on regulatory and standard-setting matters impacting the accounting profession and the performance of audits. In this role, Jennifer has served as the firms’ representative on COSO’s Advisory Council which provided input on the development of the updated 2013 COSO Internal Control- Integrated Framework. She also previously served as a member of COSO’s task force which assisted in the development of COSO’s Guidance on Monitoring Internal Control Systems.
From 2004 through 2006, Jennifer was a Professional Accounting Fellow at the SEC in the Office of the Chief Accountant. While at the SEC, Jennifer worked on regulatory matters related to the development of auditing policies and procedures. During this time, she was the SEC’s observer monitoring the development of COSO’s Internal Control Over Financial Reporting - Guidance for Smaller Public Companies.
Patricia J. Salkin - Director
Deloitte & Touche LLP
Patricia J. Salkin is a Director in the Princeton office of Deloitte & Touche LLP. Patty has over 24 years of experience in public accounting, private industry and consulting in the consumer and industrial product industries. Patty’s professional accounting experience includes a deep discipline in both audit services and internal controls.
Stuart Rubin - Sr. Manager
Deloitte & Touche LLP
Stuart Rubin is a Senior Manager in the Boca Raton office of Deloitte & Touche LLP. Stuart has more than 13 years of experience in public accounting and information technology consulting, focusing on leading complex projects for multinational organizations in the Retail & Distribution, Consumer Products and Financial Services industries. Stuart has significant experience assisting organizations in implementing, assessing and enhancing their systems of internal control. Stuart’s internal control experience includes regulations, standards, and leading practices pertaining to Sarbanes-Oxley Act, SSAE 16, Information Security and Privacy, FDICIA and the Gramm-Leach-Bliley Act.