IT Risk and Monitoring based on COSO 2008 – Guidance on Monitoring Internal Control Systems
9 April, 2009
On April 29, 2009, Johan Lidros, founder and President of Transcendent Group, and Head Instructor for The West Florida Chapter for The Institute for Internal Auditors (IIA) will present a half day session that will provide a practical approach of how to implement and assess IT monitoring according to the new Committee of Sponsoring Organizations (COSO) guidelines. This informative session will take place at the Quorum Hotel, Westshore Blvd., Tampa, FL.
“Many companies run the risk of poor customer satisfaction, increased costs, security and privacy breaches, and non-regulatory compliance in this ever-changing technology arena, as new requirements and the complexity of those requirements increase,” said Mr. Lidros. “Therefore it is critical for Audit departments to perform IT governance and evaluate information technology assessment exposures on an ongoing, continual basis.”
COSO recently released the improved framework for monitoring of internal control systems (Guidance on Monitoring Internal Control Systems). Effective monitoring considers the effectiveness and efficiency of all five components of internal control systems over time:
- Risk Assessment
- Control Environment
- Control Activities
- Information and Communication
- Monitoring
In addition to a walkthrough of the different IT monitoring guidance in each area, this session will provide a practical example of IT monitoring and assessment of IT costs, which is a current topic in these economic times. This session is geared toward providing non-technical auditors with a guide for taking a practical approach in assessing and implementing monitoring of IT risks. The methodology and approach will be presented in a manner where an experienced, non-technical auditor can follow the steps in understanding IT monitoring practices and performing an assessment of effectiveness and efficiency of an organizations monitoring of IT risks.