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Fundamentals of Internal Controls (Z1-A1S3-2021-01-SSWC)

100 Minutes
On demand - Video

On Demand - Video

2 CPE Credits in AA

OVERVIEW

Obtaining an understanding of the entity and its environment is critical part of assessing the risk of material misstatement. The auditor obtains an understanding of internal controls by evaluating the design and implementation of key controls over relevant systems as well as entity level and financial reporting controls. This module will provide the participant with an understanding of how to perform the work and document the understanding. Participants may also want to register for the audit skills module on testing internal controls.

DESIGNED FOR

Professionals new to evaluating the design and implementation of internal control

BENEFITS

  • Gaining an understanding of the evolution of internal controls
  • Components of the COSO Internal Control – Integrated Framework
  • Approaches for documenting and evaluating the design and implementation of internal control over financial reporting
  • Critical elements of entity-level and transactional-level controls covering all assertions
  • Internal controls that are responsive to the risk of fraud
  • Case studies related to identifying deficiencies in internal control documentation

HIGHLIGHTS

  • Discuss the evolution of Internal Controls
  • Discuss the five of the COSO Internal Control – Integrated Framework
  • Document the auditor’s understanding of a systems description narrative
  • Understand the requirements when systems are outsourced to a third party
  • Identify controls that are responsive to the risk of fraud

COURSE LEVEL

Basic

PREREQUISITES

None

PRICING

$89.00 - Member

$109.00 - Nonmember

ADDITIONAL OPTIONS

Remind me to register

Print a registration form

COURSE DEVELOPER

Surgent