Internal controls over financial reporting are used to prevent, detect, and correct
misstatement. They also help to reduce the chance that fraud will occur. The auditor is
required to obtain an understanding of an entity’s controls as part of the risk assessment
process. This workshop will provide participants with an opportunity to explore the design
of controls over the significant systems typically found in a small and medium-sized client
through the use and understanding of the COSO framework.
This course features a live instructor and has been specifically designed for the NJCPA.
DESIGNED FOR
Audit practitioners who are working on audits of non-public companies, as well as
accountants in industry who want to improve their entity’s internal controls.
BENEFITS
- Describe the evolution of internal controls and its impact on the profession
- Recognize the professional requirements and guidance related to internal control
considerations in an audit, including their relationship to risk assessment
- Develop a basic understanding on how to test and audit internal controls
- Identify and assess the principles of the COSO Framework related to entity-level
controls that applies to the control environment, risk assessment, information and
communication, and monitoring
- Apply and document understanding of control activities elements of the COSO
Framework
HIGHLIGHTS
- Background on internal controls
- COSO Framework
- Understanding the design of controls at the entity level and at the activity level
- Control activities
COURSE LEVEL
Intermediate
PREREQUISITES
Basic audit course or
experience
ADVANCE PREPARATION
None