CPE: 8 hours
Category: Accounting & Auditing
Prerequisites: A working knowledge of the basic concepts of internal control systems is beneficial, but not mandatory.
Advanced prep: None
Who should attend: CPAs in public practice, private industry and government, who are responsible for designing, evaluating or auditing a system of internal control, as well as those who want to better prevent fraud before a material fraud has occurred.
The process of critically evaluating and developing an effective system of controls to prevent fraud is often confusing and misunderstood. In this course, a risk-based evaluation and design of an organization's number-one defense against errors and fraud a well-designed and properly functioning internal control system will be established. Whether you're management or an auditor, this approach will be beneficial.
- Recognize the importance of internal control in preventing and detecting errors and fraud.
- Determine the most critical elements of a sound system of internal control.
- Identify the types of fraud being perpetrated against individuals and entities.
- Identify how to understand, evaluate and document internal control systems.
- Recognize the CPA's responsibilities related to internal control and fraud in an audit engagement.
- Recognize the recently revised COSO Internal Control Framework.
- Internal control concepts
- Typical controls of the primary components of most accounting
- Internal control in a small organization
- Documenting internal control systems
- Auditor responsibilities with respect to internal control documentation and evaluation
- COSO Internal Control Framework