Qualified Risk Director (QRD®): Audit Committee’s guide to COSO 2013 and Internal Controls
Audit committees play a critical role in overseeing internal control. Although their primary focus may be on internal control over financial reporting, now more than ever audit committees are taking the lead in overseeing controls pertaining to compliance and operational matters. Expectations of the audit committee’s role have expanded due to enhanced company and external auditor reporting requirements, along with an increased focus on compliance by regulators. The updated version of the COSO Framework, issued in May 2013, emphasises the role of the board—and thereby the audit committee, depending on the governance structure—in creating an effective control environment and having a robust risk assessment process, including identifying and addressing fraud risks. Further, the updated framework provides additional structure by defining 17 principles of internal control. The framework’s enhanced structure increases the level of rigor required to evaluate the design and effectiveness of internal controls. This program shows how the implementation of the updated framework provides a good opportunity to take a fresh look at internal control and create value for the organisation, regardless of how mature a company’s system of internal control may be. Improvements in the effectiveness of internal control can lead to more efficient operations, greater compliance rates, and more effective internal and external financial reporting.
Register for this standalone training module or enroll in the full Qualified Risk Director (QRD®) Certification Program.