Internal Control Frameworks: COSO and Beyond

Introduction

 In today’s complex and rapidly changing business environment, establishing robust internal control systems is a fundamental aspect of effective governance and risk management. Internal controls ensure the integrity of financial reporting, compliance with laws and regulations, safeguarding of assets, and efficient operations. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework has emerged as a globally recognized model for designing, implementing, and evaluating internal control systems.

This training course from GLOMACS provides an in-depth understanding of the COSO Internal Control—Integrated Framework and explores other key internal control frameworks adopted globally. Participants will examine practical techniques for designing, assessing, and strengthening internal controls within their organizations, aligning with strategic and operational goals.

Beyond COSO, this training course introduces complementary and alternative frameworks, such as COBIT, ISO 31000, and the Three Lines Model, to ensure a holistic and adaptable control environment. Through case studies and interactive sessions, participants will develop hands-on skills to assess internal control effectiveness and implement sustainable improvements.

Objectives

By completing this training course, participants will be able to: 

• Understand the structure and components of the COSO Internal Control Framework.
• Evaluate and design internal control systems based on COSO principles.
• Compare COSO with other internal control frameworks such as COBIT, ISO, and the Three Lines Model.
• Identify control weaknesses and develop corrective action plans.
• Integrate internal control frameworks into risk management and governance processes.
• Enhance the internal audit function's role in internal control assessment.
• Use practical tools to test and monitor internal control effectiveness.

Methodology

The training course will be delivered through a combination of interactive lectures, real-life case studies, group discussions, and hands-on workshops. Simulation exercises and control assessment templates will be used to reinforce learning. Participants will also engage in role-based scenarios to analyze internal control breakdowns and design mitigation strategies.

Organisational Impact

Organizations will gain: 

• A strengthened internal control environment aligned with best practices.
• Improved ability to identify and manage financial and operational risks.
• Enhanced compliance with internal policies and external regulations.
• Increased efficiency and reliability in operations and reporting.
• Empowered audit and compliance teams with updated frameworks and tools.
• Clearer roles and responsibilities across governance and assurance functions.

Personal Impact

Attendees will develop: 

• Deep understanding of internal control principles and global frameworks.
• Practical skills to assess, design, and enhance control systems.
• Confidence in managing risks and ensuring compliance.
• Tools to identify and rectify control weaknesses.
• Improved communication with management, auditors, and stakeholders on control matters.
• Recognition as a knowledgeable professional in internal control systems.