Technological advances, more regulatory scrutiny, globalization, and other challenges have caused entities and auditors to struggle with the cost-benefit of internal controls, recognizing that a well-designed system doesn’t have to prevent or detect all deficiencies – just ones that matter most to the entity’s objectives. This course gives practical guidance on what a sound system of internal controls looks like and the impact on the financial statement audit, especially for smaller entities.
8:30 AM until 4:30 PM
DoubleTree by Hilton
1521 W. Pinhook Rd.
Jerry E. Spratt
Online registration is closed.
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Early Bird Fees (through 11/18/)
After 11/18/, add $50 to your fee.
CPE: 8 hours
Vendor: Surgent McCoy CPE, LLC
Category: Accounting & Auditing
Prerequisites: Experience with designing, evaluating, or monitoring internal controls
Advanced prep: None
Who should attend: Accountants responsible for designing, evaluating, and/or monitoring internal controls over financial reporting
Technological advances, increased regulatory scrutiny, globalization, and other challenges have caused entities and auditors to struggle with proper consideration of the cost-benefit of internal controls, recognizing that a well-designed system does not have to prevent or detect all internal control deficiencies – just ones that matter most to the entity’s objectives. This course provides practical guidance on what a sound system of internal controls “looks like” and its impact on the financial statement audit, particularly for smaller entities.
- Describe important internal control concepts, including identifying "key controls" in a "top-down" approach to evaluating the design & implementation of internal control over reliable financial reporting
- Discuss the difference between evaluating "design and implementation" and "operating effectiveness"
- Explain differences between "material weakness" and "significant deficiency" regarding internal control over reliable financial reporting
- Differences between the 1992 version of the framework and the 2013 COSO guidance
- The evolution of internal controls theory and practice, including emerging guidance specific to smaller entities
- Key components of internal control per the COSO Integrated Framework, and the role each plays in the design and operating effectiveness of internal control over reliable financial reporting
- Comparing and contrasting specific types of internal controls
- The critical role of information technology (IT) controls in reliable financial reporting, including both general and application controls
- Gaining an understanding of an entity’s design of internal controls
- Evaluating design/implementation of an entity’s design on internal controls (& impact on assessment of risk of material misstatement)
- Testing controls for operating effectiveness and determining the appropriateness of the nature, timing, and extent of control testing
- Evaluating the results of tests of controls, including the impact on the nature, timing and extent of substantive audit procedures
- Considerations related to the use of outside service organizations
- Differentiating an external auditor’s responsibilities depending on the professional standards being followed
- Evaluating/communicating deficiencies in internal controls