Internal Control Fundamentals - Satisfying Audit Requirements for Evaluating Design and Implementation is a critical foundational course. Obtaining an understanding of the entity and its environment is part of assessing risk of material misstatement, in order to design the nature, timing and extent of further audit procedures necessary to obtain sufficient appropriate audit evidence to support the auditor's report.
DESIGNED FOR
Professionals responsible for evaluating the design and implementation of internal control
BENEFITS
Upon completion of this course, you will be able to...
- Recognize how to properly obtain an understanding of the entity and its environment, including internal control in order to properly assess risk of material misstatement
- Identify the COSO Internal Control - Integrated Framework
- Recall important considerations in documenting a systems description narrative
- Recognize how to evaluate internal control design and implementation for deficiencies and how to apply insights to the process of assessing risk of material misstatement
HIGHLIGHTS
The major topics covered in this course include:
- Responsibilities for gaining an understanding of the entity and its environment
- The inter-relationship of the five foundational components of the COSO Internal Control - Integrated Framework
- Various methods for documenting and evaluating the design and implementation of internal control over financial reporting
- Identifying critical elements of entity-level and transactional-level controls
- Case studies related to identifying deficiencies in internal control documentation
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None