COSO 2013 Framework vs. ERM Framework: Implementation Challenges and Opportunities

Why Should You Attend:

Organizations will need to adopt the new COSO 2013 framework soon and most are going to adopt it by December 31, 2014.

This webinar will help attendees understand key challenges when they face transitioning from the old framework to the new one. It will help them prepare for this challenging transition and understand if or when their organization should consider adopting the ERM framework over the updated COSO framework.

Learning Objectives:

• Learn 17 Principles of the 2013 New Framework
• Understand the similarities and differences between COSO v ERM frameworks.
• Understand key 2013 COSO transition best practice items used by organizations adopting the new framework in 2014.

Areas Covered in the Webinar:

• COSO 5 Components
• 17 Principles of the 2013 new framework
• Understanding Points of Focus and how they align to the 17 Principles
• How to align examples offered by COSO to determine the best key controls
• Transition best practice areas

Who Will Benefit:

• Compliance Department
• Chief Financial Office
• Chief Compliance or Risk Officer
• Chief Audit Executive
• Senior Auditors and Auditors
• SEC Reporting Directors

Instructor Profile:

Sonia Luna, CPA, CIA, CRMA, CGAP in 2004 founded Aviva Spectrum, a boutique compliance consulting firm headquartered in Los Angeles, California with affiliate offices in a wide variety of international locations such as Hong Kong, China and India. The mission of creating Aviva Spectrum was to help public and private organizations improve their understanding and application of the tenets of the Sarbanes-Oxley Act of 2002. In practice, this vision of leadership materialized into a unique compliance methodology supported by two titanic guiding frameworks: COSO and CobIT, which help organizations mitigate risk while maximizing overall shareholder value.

She has presented over 90 courses on topics related to COSO’s New 2013 Framework, audit, SOX and compliance related matters catering to an audience of Board Members, Chief Executive Officers, Chief Financial Officers and Chief Compliance Officers and their support staff. She has served as a subject matter expert on legal matters dealing with audit and internal audit standards since 2008. She has been quoted in both the LA Business Journal and the AICPA prestigious Journal of Accountancy.

Sonia’s initial public accounting experience began at Arthur Andersen, SingerLewak and later became an audit manager at Ernst & Young. Sonia earned a Bachelor of Science Degree in Accounting from the California State University at Northridge, California. Sonia is an elected board member of the Los Angeles Chapter of the Institute of Internal Auditors and is a member of ISACA, the American Institute of Certified Professional Accountants and the California Society of Certified Public Accountants. In addition, Sonia served on nonprofit boards such as the Chief Financial Officer of AID FOR AIDS and the Orange County, California chapter of ALPFA (Association of Latino Professionals in Finance and Accounting).

Topic Background:

In May 2013 COSO (Committee of Sponsoring Organization) finally updated its 1992 framework to include new technology challenges and opportunities and fraud standards. Since COSO will remove its past framework guidance issued in 1992 and in 2006 for Smaller Reporting Companies, this framework will be used going forward for management’s and external auditor’s assessment of internal controls. Over 98% of US listed companies that are headquartered in North America use COSO as their internal control framework. Understand key similarities and differences between COSO and ERM framework. The ERM or Enterprise Risk Management framework will continue to be available by all organizations if they so choose to leverage this more robust version of COSO’s framework. Understand key advantages of using the ERM framework over the updated COSO 2013 model.

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