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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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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What a time to be alive to dive in here with me to our internal control frameworks. We're going to be talking about COSO. We're going to be talking about a lot of great points here. Welcome to the first lesson, and it's the first step to being done with BEC. Now, I'm going to always talk about this entire exam and how there is a significant amount of memorization, and you might think, well, start me off great.

Thanks for the positivity. And that is positivity. It's wonderful that we have a lot to memorize. You know why? Because if you could walk into the BEC exam with a textbook, you would pass.

I would tell you you would pass. There's a lot of formulas that it's just going to be plug and chug, right? The exam is going to just want you to memorize formulas as compared to audit. If I give you a textbook on audit to walk into the exam with, there's absolutely no guarantee you would pass. You would probably not do well.

So turn your mind into a textbook. Memorize these formulas. It's totally worth your time to memorize. Obviously, this isn't really going to be formulas. This is going to be more memorizing components, which we'll get into.

But I just always want to make that point. Do not feel overwhelmed. It is time well spent on this exam to memorize. It's like you have a utility belt. You're Batman.

You never know what you're going to encounter when you're on patrol. So you want to memorize everything. Fill your utility belt with all the tools you can to be ready for whatever the exam throws at you. Never feel overwhelmed when I'm telling you, memorize this, memorize that. I'll reiterate all of my strategies throughout the process

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Prospective Analysis & Forecasting

Module: 4 Concepts, 49 Videos

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