Hear practical guidance on what a sound system of internal controls looks like and its impact on the reliability of financial statements, particularly for smaller entities.
DESIGNED FOR
Accountants responsible for designing, evaluating, and/or monitoring internal controls over financial reporting.
BENEFITS
- Explain the evolution of internal control concepts since the origination of the 1992 version of COSO’s Internal Control-Integrated Framework
- Be familiar with a more extensive enterprise-wide risk management approach guided by COSO’s Enterprise Risk Management
- Describe important internal control concepts, including identifying "key controls" in a "top-down" approach to evaluating the design and implementation of internal control
- Be familiar with numerous examples and illustrations of designing, implementing, maintaining and monitoring a sound system of internal control over reliable financial reporting
HIGHLIGHTS
- Differences between the original1992 version of the COSO Internal Control – Integrated Framework and the 2013 guidance
- Key components of internal control per the COSO Integrated Framework
- Key concepts of the Enterprise Risk Management that expands on internal control
- The critical role of information technology (IT) controls in reliable financial reporting
- Gaining an understanding of an entity’s design of internal controls
- Evaluating an entity’s design on internal controls, and the impact on risk of material misstatement in financial statements
- Testing controls for operating effectiveness
- Considerations related to the use of outside service organizations
- Differentiating an auditor’s responsibilities
- The financial statement auditor’s responsibility for evaluating and communicating deficiencies in internal controls over reliable financial reporting
COURSE LEVEL
Intermediate
PREREQUISITES
Experience with designing, evaluating, or monitoring internal controls.
ADVANCE PREPARATION
None