Properly designed and effectively operating internal control over financial reporting is critical for preventing, or detecting and correcting, material misstatement. This course describes how to satisfy the audit requirements related to taking a control reliance strategy by testing the operating effectiveness of internal controls, while promoting an effective and efficient financial statement audit.
DESIGNED FOR
Accountants who have responsibility for evaluating the design and operating effectiveness of controls in a financial statement audit
BENEFITS
After attending this presentation you will be able to...
- Discuss generally accepted audit requirements related to testing controls for operating effectiveness
- Explain how to evaluate the results of a control reliance test for operating effectiveness
- Describe the use of Service Organization Control (SOC1) Reports on a financial statement audit
- Identify the impact of a control reliance strategy on a detailed audit plan
HIGHLIGHTS
The major topics covered in this class include:
- Generally accepted audit requirements related to testing controls for operating effectiveness
- Identifying key controls that may prove effective and efficient to test in a control
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None