This course is designed to focus on the Control Activity component and the three separate principles that support this component.
Control Activity is named the third component within COSO 2013. Control Activities are actions defined through policies and procedures that help ensure management directives to mitigate risks to the achievement of objectives are carried out. Control activities are performed at all levels of the organization and at various stages of business processes and technology.
COSO 2013 maintained the same five components previously identified within the 1992 framework. These include: • Control Environment • Risk Assessment • Control Activities • Information & Communication • Monitoring
This session is designed to focus on the Control Activity component and the three separate principles that support this component.
• The organization selects and develops control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels. • The organization selects and develops general control activities over technology to support the achievement of objectives. • The organization deploys control activities through policies that establish what is expected and procedures that put policies into place.
The session will dissect the three principles and important concepts that companies need to understand and support in order to provide that the principles are in place and functioning. We will also discuss concepts related to mapping the principles to controls within the organization.
Management and the external auditors must understand each of these principles and be able to adequately support that they exist, are appropriately designed and functioning. In addition, the components must effectively work in combination to provide for a positive attestation to internal controls.
Field of Study: Auditing
Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 24 years of her experience has been working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. In 2011, as the Chief Audit Executive for an international construction/ engineering firm, she was involved in the active investigation of a joint venture fraud. The investigation included work with the FBI and ultimately led to indictment of the perpetrators and recovery of $13M. Ms. Fountain is currently engaged in her own training and consulting business and is a regular trainer for the AICPA. Ms. Fountain is the author of three separate technical books. “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation. -“Leading The Internal Audit Function” and -“Ethics and The Internal Auditor Political Dilemma” were published by Taylor & Francis In addition Ms. Fountain was a contributing author to the certification program exam for the National Association of Accountants. She also has certificate programs on various on-line platforms. Ms. Fountain has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).
