Internal Controls and Risk Assessment: Key Factors in a Successful Audit (ICRA15)
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Under GAAS, all auditors are required to follow a risk-based approach to auditing. The consideration of internal control is key to risk assessment and to the determination of overall audit approach. Understand the requirements in a financial statement audit for understanding internal control and assessing the design and implementation thereof. Throughout the course we’ll enhance your understanding with exercises designed to illustrate how the concepts apply to practical audit situations.

11/13/2015
When: 11/13/2015
8:30 AM until 4:30 PM
Where: LCPA Training Facility
2400 Veterans Memorial Blvd
Suite 500
Kenner, Louisiana 
United States
Presenter: Ronald Kral


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Early Bird Fees (through 10/29)
Members $279
Non-Members $379
After 10/29, add $50 to your fee.

CPE: 8 hours
Level: Intermediate
Vendor: AICPA
Category: Accounting & Auditing
Prerequisites: Previous auditing experience
Advanced prep: None

Who should attend: Practitioners responsible for or involved in financial statement audits

Note: Participants will need to bring a laptop, tablet/iPad, smartphone, or any other device that can connect to the internet.

Under generally accepted auditing standards (GAAS), all auditors are required to follow a risk-based approach to auditing. The consideration of internal control is key to risk assessment and to the determination of overall audit approach. Understand the requirements in a financial statement audit for understanding internal control and assessing the design and implementation thereof.
The focus of this course is to help you get it right! Throughout the course we’ll enhance your understanding with exercises designed to illustrate how the concepts apply to practical audit situations.

Objectives

• Understand the professional requirements relating to internal control considerations in a financial statement audit, including their relationship to risk assessment.
• Demonstrate how to implement the requirements in practice.

Major Topics

• The requirement to assess internal control
• COSO’s integrated framework
• Internal control as a part of risk assessment
• Testing internal controls and controls reliance
• The use of a service organization in the context of an entity’s system of control
• IT general control and application controls
• Documenting the control assessment
• Assessing and communicating deficiencies
• Efficient and effective practices