Optimizing Internal Auditing for Results: A COSO-Based Approach

This course provides participants with the knowledge, skills, and tools needed to conduct effective internal audits aligned with the COSO framework, ultimately leading to improved organizational performance and risk management.

Objectives

• Understand the principles and components of the COSO Internal Control Integrated Framework.
• Align internal audit practices with COSO guidelines and standards.
• Conduct risk assessments using the COSO framework to identify and evaluate internal control risks.
• Develop risk-based audit plans tailored to organizational objectives.
• Integrate COSO principles into audit planning, execution, and reporting processes.
• Evaluate control environment factors and control activities based on COSO principles.
• Communicate audit findings and recommendations effectively to stakeholders.
• Implement mechanisms for continuous monitoring and improvement of internal controls.
• Apply COSO-based internal audit practices through hands-on exercises and case studies.

Course Content:
Understanding COSO Framework:
• Overview of COSO (Committee of Sponsoring Organizations of the Treadway Commission)
• Components and principles of the COSO Internal Control Integrated Framework
• Importance of COSO framework in internal auditing practices
Internal Audit Fundamentals:
• Role and objectives of internal auditing
• Key principles and standards governing internal audit activities
• Relationship between internal auditing and corporate governance
COSO-Based Risk Assessment:
• Conducting risk assessments using the COSO framework
• Identifying and evaluating internal control risks
• Developing risk-based audit plans aligned with organizational objectives
Implementing COSO Framework in Audit Procedures:
• Integrating COSO principles into audit planning and execution
• Performing substantive testing and control testing based on COSO framework
• Documenting audit evidence and findings in accordance with COSO guidelines
Evaluating Control Environment and Processes:
• Assessing control environment factors such as tone at the top and ethical values
• Reviewing control activities, information, and communication processes
• Evaluating monitoring activities and corrective actions based on COSO principles
Reporting and Communicating Audit Results:
• Communicating audit findings and recommendations to stakeholders
• Preparing audit reports in compliance with COSO reporting standards
• Providing value-added insights and recommendations for improving internal controls
Continuous Improvement and Monitoring:
• Establishing mechanisms for continuous monitoring and improvement of internal controls
• Implementing COSO-based monitoring activities to ensure ongoing effectiveness of internal audit processes
• Aligning internal audit practices with evolving COSO guidelines and industry best practices
Case Studies and Practical Applications:
• Analysis of real-world case studies illustrating COSO-based internal audit practices
• Hands-on exercises and simulations to apply COSO principles in audit scenarios
• Group discussions and peer learning sessions to share experiences and insights

METHODOLOGY
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities.

DATE:
1ST BATCH: 25th – 28th  Mar,2025
2ND BATCH: 7th – 10th Oct ,2025