Are You Aware of the Changes & Impact on SOX or FDICIA?
Understand the changes from the update of the 2013 COSO Internal Control Framework, the impact of the changes on SOX and FDICIA testing and how to implement them to comply with the December 15, 2014 effective date.
In May 2013, the Committee of Sponsoring Organizations (“COSO” or “COSO 2013″) updated its internal control model. The COSO Internal Control Framework since 1992 has been used as the basis for internal control over financial reporting documentation and testing programs. COSO 2013 adds 17 principles to the five internal control components to enhance implementation of the components in setting business objectives throughout the organization to improve and sustain business performance. COSO 2013 broadens the application of internal control in light of a changing business environment.
This program will review the changes, highlight those changes that have increased focus or are new, and discuss the impact of such changes on a bank’s internal control over financial reporting documentation and testing programs, such as FDICIA and SOx. In addition, this program will discuss how the principles may be implemented for the bank to comply with the COSO effective date of December 15, 2014. Detailed examples will be provided for attendees to apply the concepts presented.
- Introduction to the Committee of Sponsoring Organization’s Internal Control Model as updated May 2013
- Internal Control Components and Principles
- Types of Internal Controls
- Application of Internal Control Framework
- How To Implement Controls Added and Enhanced in COSO 2013
- Impact of Such Changes on Internal Control Over Financial Reporting Programs
Bank professionals seeking knowledge of internal audit and/or internal controls, including internal auditors, deposit and operations personnel, accountants, management, and individuals with previous internal audit education seeking a refresher course.
Eileen Iles, CPA, CGMA, CIA, CFSA, CCSA, CRMA, is a Partner in Crowe Horwath LLP’s Risk Consulting practice. She has spent the past 14 years with Crowe consulting with financial institutions. Currently, she develops and conducts training for Crowe and various banking associations. A strength of Eileen’s teaching is her ability to explain concepts in easy-to-understand language and provide real life examples from her broad banking experience.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2 hrs/session.
Member price: $265.00 | Non member price $530.00
Member price: $280.00 | Non member price $560.00
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