Early Bird Fees (through 10/29)
After 10/29, add $50 to your fee.
CPE: 8 hours
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.
• 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.
• 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