Internal Control Essentials – The Dynamic Nature of COSO
Registration Fee – $49
February 25, 2021 – 2:00 – 4:00 pm PST (2.0 CPE)
Level: Basic, An Overview
Advance Preparation: None
Field of Study: Accounting and Auditing
Designed For: Independent and internal auditors, accountants who are involved in making business decisions and establishing internal controls, and accountants and managers in business with internal control responsibilities
Many accountants believe that COSO represents a means for developing internal controls to prevent and detect errors and fraudulent activities. As described in its definition, however, it is a much more dynamic system used to achieve management’s goals of reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations.
The COSO model can be applied to projects as broad as developing a plan for a new business to objectives as specific as reducing the cost of maintaining a business asset. It can be applied to an entire entity, a department within the entity, a process performed by a department, or a specific transaction that is part of the process.
This course will review the COSO framework, including the five components, the 17 principles that support the components, and the points of focus that reduce the principles to individual characteristics. Attendees will learn how to apply the process using examples related to establishing an entity, avoiding errors or fraud that reduce the reliability of financial statements, and achieving a specific objective such as increasing the sales associated with a specific product.
Objectives: Attendees will be able to:
- Identify the 5 components of the COSO internal control model
- Match the 17 principles to the 5 components
- Understand the points of focus that apply to each of the seventeen principles
- Apply the COSO model to the achievement of large and small objectives
- The control environment and the tone at the top
- The importance of meaningful and regular risk assessment
- Understanding the characteristics of effective controls
- Recognizing the ongoing iterative nature of the internal control setting process
Mark Dauberman, Bio
Mark provides CPE and technical staff training for CPA firms, private industry, state CPA societies, and government organizations. His topics include accounting, SSARS, ethics, fraud, internal and external auditing, internal control development (COSO), entrepreneurship, and developing a business plan. Mark is in the process of initiating a new entity, The Internal Control Institute, which will be offering CPE and staff training related to internal controls, and in conjunction with professors from Claremont Graduate University, will be providing internal control consulting.
Mark is also an expert witness in the defense of CPAs in cases involving primarily ethics, fraud, and compliance with standards in the performance of professional services.
Mark also provides consulting services to CPA firms with an A & A practice that do not have an expert on GAAP or requirements of Professional Standards within the firm. He addresses such matters as conformity with GAAP, adequacy of disclosures, compliance with professional standards, risk assessment, development and performance of audit and review processes, engagement documentation, compilation and preparation engagements, ethics and independence requirements, assessing and enhancing internal controls for the firm and clients, preparation for peer review, and staff training and CPE. He also provides consulting services related to client management and marketing.
Mark’s public accounting experience includes working with Kenneth Leventhal & Company and more recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm along with controller and Vice President of Finance and Administration for major real estate development companies. Mark also spent nearly 30 years as an entrepreneur, operating a company that prepared individuals for the CPA exam nationwide.
Mark has been involved in accounting education at CSU Northridge, CSU San Bernardino, Loyola Marymount University, and UCLA. He obtained his bachelor’s degree in accounting from CSU Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s. He also obtained an Internal Control Certificate from COSO. Until recently, he authored “Knowledge-Based Preparation, Compilation, and Review Engagements” for CCH and updated their checklists for SSARS engagements. He also served as Senior Editor for Roger CPA Review.
Mark Currently provides CPE and technical staff training for CPA firms, private industry employers of accountants, and government organizations on topics that include accounting, compilation, and review, fraud, internal and external auditing, developing internal controls, strategic planning, and practice management. He is also the Senior Editor for Roger CPA Review Course and author’s CCH’s “Knowledge-Based Compilations and Reviews”.
Mark’s public accounting experience includes working with various local firms throughout high school and college, and employment with Kenneth Leventhal & Company. More recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm, where he served as director of the audit practice and was responsible for recruiting, training, business development, quality control, and strategic planning for the firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm. He has been both a controller and the Vice President of Finance and Administration for major real estate development companies. Mark also spent nearly 30 years as an entrepreneur, operating a business that prepared individuals for the CPA exam.
Mark taught his first university accounting class in 1969 and has been involved in accounting education since most recently as a visiting lecturer at California State University at San Bernardino.
Mark obtained his bachelor’s degree in accounting from California State University at Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.