Internal Controls to Mitigate Financial Reporting Risk - Designing Stronger Internal Controls for Small or Mid-Size Entities provide practical analysis and tips for how a reporting entity can manage financial reporting risk in an effective and efficient way. Internal controls are applied within an organization to satisfy objectives related to operations, compliance, and financial reporting.
DESIGNED FOR
Accountants who are responsible for evaluating the design or internal controls on financial statement audits, including audits in conformance with various compliance requirements
BENEFITS
After attending this presentation, you will be able to...
- Identify the evolution of internal control through the decades
- Apply the revamped 2013 COSO Internal Control - Integrated Framework, including how the various components and principles interrelate to form a strong system of internal control over reliable financial reporting
- Identify special considerations for internal controls in a smaller-entity environment
- Distinguish important varying audit considerations, such as Sarbanes-Oxley, Government Auditing Standards, and Single Audit Act requirements
HIGHLIGHTS
The major topics covered in this course include:
- Evolution of internal control concepts
- Revamped 2013 COSO Internal Control - Integrated Framework
- Designing an adequate 'umbrella' of internal controls over financial reporting to prevent, or detect and correct, material misstatement due to fraud or error
- Specific internal control considerations and sample documentation for smaller entities
- Additional responsibilities for the audits in accordance with the Sarbanes-Oxley Act, Government Auditing Standards and Single Audit Act requirements
COURSE LEVEL
Intermediate
PREREQUISITES
Experience in basic audits
ADVANCE PREPARATION
None