Are you an auditor engaged to audit a small or midsize entity? If so, you may wonder why you are required to spend time on every audit dealing with internal control. This may seem like an exercise that is much more relevant in an audit of a larger entity, and you may question its usefulness when auditing your smaller clients. So, why is gaining an understanding of controls necessary? In this webcast, you will learn about the impact internal control has on your audit engagements, the common misconceptions we’ve detected through peer review and how to avoid them in your practice.
Financial statement auditors who perform audits of small- to medium-sized entities.
Recognize the definition of a control and what encompasses a client’s internal control.
-Recall the intent of AU-C 315 and 330 and how the requirements should be interpreted.
-Recognize your responsibilities when gaining an understanding of your client
Defining what an internal control is
*Determining which controls are relevant to the audit
*Identifying auditor responsibilities regarding internal control
*Illustrating how internal control affects the risk assessment procedures
*Describing the impact internal control has on further procedures