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COSO'S Updated Internal Control - Integrated Framework: Critical Concepts ((UICF15)
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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.

12/7/2015
When: 12/07/2015
8:30 AM until 4:30 PM
Where: DoubleTree by Hilton
1521 W. Pinhook Rd.
Lafayette, Louisiana 
United States
Presenter: Jerry E. Spratt


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Early Bird Fees (through 11/18/)
Members $289
Non-Members $389
After 11/18/, add $50 to your fee.

CPE: 8 hours
Level: Intermediate
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.

Objectives

  • 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

Major Topics

  • 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

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