Video: Internal Control Frameworks Overview and Objectives

In this engaging lesson, embarking on the journey through Business Environment and Concepts (BEC), Nick Palazzolo, CPA, introduces the foundational elements of internal control frameworks, with a specific focus on COSO. He communicates the excitement of mastering this topic, emphasizing the importance of memorization and drawing on his "Batman" analogy to illustrate the power of a well-stocked mental utility belt when tackling the exam. With anecdotes and personal study strategies, Nick not only sets the stage for the learning objectives related to COSO but also encourages an active approach to engraining concepts such as entity and transaction-level risks, and corporate governance structures. By the end of the lesson, there's a clear call to action: fill that utility belt and confidently prepare for what lies ahead.

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Identify Risk During Planning
Module: 5 Concepts, 62 Videos
Fraud & General Risk at All Levels Overview
0:22
Fraud & General Risk at All Levels Objectives
1:19
Introduction to Fraud and General Risk at All Levels
2:04
The Fraud Triangle
13:56
Separation of Duties
3:50
Management Fraud
6:08
Auditor's Responsibility in Detecting Fraud
2:48
Fraud Brainstorming
2:20
Assessing Fraud Risk
15:52
Responses to Risk
1:54
The Combined Approach to Auditing
8:10
Fraud & General Risk at All Levels Summary
0:52
Fraud & General Risk at All Levels Practice Questions
12:32
Audit Risk Overview
0:40
Audit Risk Objectives
1:38
Introduction to Audit Risk
2:01
Audit Risk Formula
8:25
Inherent Risk, Control Risk, and Detection Risk
5:41
Types of Misstatements
1:03
Audit Risk Relationships
5:58
Audit Approach
6:23
Audit Risk Summary
1:19
Audit Risk Practice Questions
13:02
Internal Control Frameworks Overview and Objectives
3:45
Introduction to Internal Control Frameworks
5:36
Corporate Structure
2:01
Components of the COSO Internal Control Integrated Framework
6:58
Control Environment
4:46
Risk Assessment
1:46
Information and Communication
1:08
Monitoring
1:27
Existing Control Framework
1:27
Internal Control - Segregation of Duties
3:40
Internal Control Frameworks Summary
1:17
Internal Control Frameworks - Practice Questions
22:14
Enterprise Risk Management Overview and Objectives
2:03
Introduction to Enterprise Risk Management
4:12
Components of the ERM Framework
3:57
Governance and Culture
1:18
Strategy and Objective-Setting
1:24
Review and Revision
1:09
Performance
1:09
Responses to Risk
5:11
Information, Communication and Reporting
1:22
The Value Cycle
3:12
Residual Risk
1:39
Corporate Mission, Vision and Core Values
1:51
Reasons for Committing Fraud
2:05
Segregation of Duties
4:58
Types of Internal Controls
3:52
Enterprise Risk Management Summary
1:30
Enterprise Risk Management - Practice Questions
12:54
The Sarbanes–Oxley Act of 2002 Overview and Objectives
1:18
Introduction to The Sarbanes–Oxley Act of 2002
5:28
SOX 2002 Penalties
2:27
Goals of SOX 2002
1:59
Audit Committee
7:59
Whistleblower Protections
1:26
Management Requirements
5:07
Conflict of Interest Provisions
2:44
The Sarbanes–Oxley Act of 2002 Summary
1:44
Sarbanes–Oxley - Practice Questions
8:39