Class Overview:

“Monitoring” is the new buzzword being used today by many internal auditors. It includes, and is built on, other components of internal control and applies to all forms of risk (e.g. financial, operational, compliance, fraud, information technology, etc.). This seminar will discuss how to maximize efforts in support of on-going monitoring of key business systems/operations risks. We will also discuss COSO’s “Guidance on Monitoring Internal Control Systems” (2009) as we explore the many facets of monitoring. We’ll examine how to monitor those risks that have the most potential to produce a significant negative (or positive) impact on the organization. Monitoring is often performed without knowing it’s being done, so results are often unknown and not shared, thus losing their impact. The purpose of this session is to provide a framework for management and internal auditor oversight of the internal controls of their organizations and to explore how IA can be effective in fostering monitoring of key risks and Internal Controls (ICs).

Session Overview:

This session’s designed to provide a discussion of governance activities regarding monitoring of risks/ICs within an organization. During the session, Dave will address the following questions and provide his thoughts on how they should be answered given his experience as both a CAE and CEO, and a former member of the COSO Board:
→ What is Monitoring per new COSO guidance?
→ What is the Monitoring Framework proposed by COSO?
→ How does Risk Management fit into monitoring?
→ How to identify risks and consequent controls for monitoring?
→ What are the components of good monitoring that should exist in the organization?
→ What are the IIA Standards on monitoring applicable to internal auditing?
→ What roles do internal auditors play regarding risk identification, risk response selection, and monitoring?
→ What duties does management have regarding monitoring?

This session will occur in a workshop format where attendees participate by discussing questions about monitoring activities, review examples of actual monitoring techniques, and evaluate a model for assessing monitoring status in their organization. Attendees at this session will receive:
∞ An overview of the new COSO Document on Monitoring
∞ An example of a monitoring assessment framework
∞ Examples of monitoring techniques
∞ Summary of Principles of Internal Control per COSO

Instructor

Dave Richards, CIA, is the former President of the Institute of Internal Auditors (IIA), and a member of The IIA International Board of Directors for over 17 years. He first became involved with The Institute in 1981, as member of the Northeast Ohio Chapter in the USA. Twenty years later, after holding various vice chairman positions on the board, he was elected the 2001-2002 IIA chairman of the board. In 2004, he was recognized for his extraordinary service to the association with The IIA’s prestigious Victor Z. Brink Award for Distinguished Service. Dave earned his undergraduate degree in accounting from John Carroll University, and he holds an MBA from Baldwin-Wallace College. He was a former COSO Board member and he helped to author COSO’s “Guidance on Monitoring Internal Control Systems” (2009).

Registration:

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