CPE: 8 hours
Advanced prep: None
Who should attend: Professionals with duties critical to the system of internal control in business, gov't or nonprofit
Yellow Book: No
Many managers, supervisors, and accountants in business, government or nonprofits are not able to identify their departmental policies and procedures that function as the primary controls against errors and fraud. Alternately, auditors performing field work may be confused about how to interpret and evaluate management's documentation of accounting processes and controls. Neither party may truly understand how their duties differ. This course gives participants a solid understanding of systems and control documentation. After an overview of the latest COSO guidance on the components and principles of effective internal control, this course introduces participants to basic tools used to document an accounting process. Participants then identify the risks of errors and fraud in the accounting system and the presence (or absence) of compensating controls. Finally, participants will practice identifying key controls and control weaknesses.
When you complete this course you will be able to:
Identify ways to obtain cost efficiencies and effectiveness in internal controls in various types of smaller entities.
Describe factors that an auditor should consider when obtaining an understanding of the entity and its environment.
Identify keys to success in designing a control environment with strong internal controls.
Explain the steps required as part of management's documentation of control activities.
Describe tools that can assist in the documentation of internal controls.
Fundamental components and principles of internal control
Integrated framework and small business tools' reports
Management responsibilities vs. auditor responsibilities
Common significant accounting processes
Fraud risks for major classes of transactions
Tools and techniques used for internal control documentation
Estimating the cost and benefit of remedying a control weakness
The seventeen principles contained within the COSO Integrated Framework underlying each component of internal control