Surgent's Internal Controls, COSO, and COVID-19

Overview

Companies that fall victim to fraud schemes need to reassess internal controls in order to prevent future fraudulent activity. In this course, we will review the 18 most prevalent internal controls that should be present (as well as designed and operating effectively) in order to prevent future frauds. These controls are taken from Association of Certified Fraud Examiners’ Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse. Then we will tie these controls to the 17 internal control principles offered by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), the framework used by virtually all entities and auditors to assess the design and operational effectiveness of internal controls. Lastly, we will consider the impact of the 2020 pandemic on internal controls in the coming era.

Highlights

• ACFE's Report to the Nations and the most commonly found controls in fraud victim organizations 
• Internal controls in relation to COSO principles
• How to employ controls to cut losses
• How to modify controls in the post-COVID era
• The potential impact of increased enforcement of laws and regulations to replenish government coffers
• Remote work circumstances and considerations

Prerequisites

None

Designed For

CPAs in public practice and industry who wish to educate clients or colleagues on how to assess internal controls and adapt in the post-COVID era

Objectives

• Understand that fraud occurs in companies with seemingly sound internal control structures
• Assess how internal controls fit into the COSO framework and determine whether mitigating controls are sufficient
• Understand the difference between reactions and responses to changing circumstances 
• Recognize that the days of working in an office may be numbered (or certainly reduced)
• Understand that audits and other attestation engagements can actually be performed remotely, reducing time and cost

Preparation

None

Notice

This on-demand webcast can be taken at any time of your choosing and is valid for one year from the date of purchase. No live instructor is present, and an exam is required to earn credit. You must score 70% or higher to earn the certificate.

How do I access my Self-Study Package?

Visit https://www.surgentcpe.com/login and enter your username (your LCPA email address) and password. If you do not remember your password, press the "Forgot?" button to receive a password reset email. Once logged in, the page will refresh to display your account menu on the left side.