Information & Communication/Monitoring Concepts and Applications - One Day Course


Information & Communication/Monitoring Concepts and Applications

Information is necessary for the entity to carry out internal control responsibilities to support the achievement of its objectives. Management obtains or generates and uses relevant and quality information from both internal and external sources to support the functioning of other components of internal control. Communication is the continual, iterative process of providing, sharing, and obtaining necessary information. Internal communication is the means by which information is disseminated throughout the organization, flowing up, down, and across the entity.

Ongoing evaluations, separate evaluations, or some combination of the two are used to ascertain whether each of the five components of internal control, including controls to effect the principles within each component, is present and functioning. Ongoing evaluations, built into business processes at different levels of the entity, provide timely information. Separate evaluations, conducted periodically, will vary in scope and frequency depending on assessment of risks, effectiveness of ongoing evaluations, and other management considerations. Findings are evaluated against criteria established by regulators, standard-setting bodies, or management and board of directors, and deficiencies are communicated to management and the board of directors as appropriate.

Course Description
The course presents the summary, definitions, principles and points of focus of the information & communication and monitoring activities components of the Internal Control Integrated Framework, 2013. The concepts and applications of both components are explored in detail in cumulative cases and exercises through each topic. Sessions on combined assurance are included to expand the Framework to other contemporary approaches used in internal control monitoring activities. The objective of the course is for participants to gain a detailed understanding and ability to apply the concepts, principles and points of focus of the information & communication and monitoring activities components of the Internal Control Integrated Framework.

The component evaluation templates from the COSO Illustrative Tools for Assessing Effectiveness of a System of Internal Control serve as the basis for principle analysis in the cases and exercises. Participants will gain a working knowledge of how to adapt the tools for use in their daily work in their respective organizations.

Prerequisite:
This course is an applications course and requires an in-depth working knowledge of the overall Framework, its components, concepts and approaches. Only those who have attended the COSO2013 Internal Control Framework Overview Course or those who have a detailed working knowledge of the new Framework should attend this course.

The course was written by Michael L. Piazza, who is the primary presenter for the course. If date conflicts arise, the client will be given the option of a secondary instructor.

Who Should Attend:
Anyone in an organization who designs, implements, applies or reviews internal control including will greatly benefit from the course and applications. These include: administrators; accountants; finance officers; managers; risk management officers; quality assurance personnel; internal auditors; and anyone providing assurance to internal control and risk management effectiveness.

Course Agenda

9:00 - 10:15
Course Overview and Introductions:
Course outline with materials and case studies are presented to engage participants in the course direction and outcomes. Participants are asked to present their information and personal/professional expectations and objectives for the course.
10:15 - 10:30
Break
10:30 - 10:45
The Summary and Definitions of the Information & Communication and Monitoring Activities Components:
An overview of the attributes comprising the information & communications and monitoring activities components are explored including internal and external communications, ongoing and periodic monitoring and combined assurance methodology.
10:45 - 11:00
Uses Relevant Information:
Principle 13: The organization obtains or generates and uses relevant, quality information to support the functioning of other components of internal control.This principle and its related four points of focus are explored and applied in case work.
11:00 - 11:30
Communicates Internally:
Principle 14: The organization internally communicates information, including objectives and responsibilities for internal control, necessary to support the functioning of other components of internal control. This principle and its related four points of focus are explored and applied in case work.
11:30 - 12:00
Communicates Externally:
Principle 15: The organization communicates with external parties regarding matters affecting the functioning of other components of internal control. This principle and its related five points of focus are explored and applied in case work.
12:00 - 1:00
Luncheon
1:00 - 2:15
Conducts Ongoing and/or Separate Evaluations:
Principle 16: The organization selects, develops, and performs ongoing and/or separate evaluations to ascertain whether the components of internal control are present and functioning. This principle and its related seven points of focus are explored and applied in case work.
2:15 - 2:45
Evaluates and Communicates Deficiencies:
Principle 17: The organization evaluates and communicates internal control deficiencies in a timely manner to those parties responsible for taking corrective action, including senior management and the board of directors, as appropriate. This principle and its related three points of focus are explored and applied in case work.
2:45 - 3:00
Break
3:00 - 3:30
Combined Assurance - Concepts and Drivers:
The definition and concepts of combined assurance are explored including its origin and the drivers for implementation. A brief look at King III from South Africa to establish the authority of combined assurance and its applications.
3:30 - 3:45
Combined Assurance Risk Based Plans:
Introduction to the three levels of defense as outlined in combined assurance principles and the groups involved in the assurance plan.
3:45 - 4:15
Combined Assurance Matrix and Reporting:
An analysis of the combined assurance matrix and rating scales used to determine adequate assurance and gaps, a view of combined assurance reporting and actions.
4:15 - 4:30
Summary, Discussion and Conclusion:
The concepts and applications are reviewed to summarize the Internal Control Integrated Framework information & communication and monitoring activities components. Participant objectives and challenges are addressed.

Purchase and Schedule a Course Offering:
PDA courses are offered through the Institute for Internal Controls (IIC). To have an IIC representative contact you about conducting the course at your organization or chapter, please complete the Request for Information form. An IIC representative will contact within one business day to discuss the details and arrange a course date that suites your organization's needs.

Course Customization:
The course can be modified for custom presentation including organizational specific cases, examples and concepts. A $5,000 customization fee covers all conversions and customizations and a one day consulting trip to the client location for interviews and sample analysis.

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