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Credits: 2

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$39
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Properly Evaluating the Design and Operating Effectiveness of Internal Controls (EDIC)

  • Customer Rating
  • Field of Study
    Auditing
  • Level
    Basic
  • Credits
    2
  • Qualifies for

    CPE

Overview

An important internal control procedure includes both evaluating the design and implementation of internal controls, which is required on all financial statement audit engagements. An important internal control consideration includes whether to test the operating effectiveness of controls for control reliance, which should be considered as part of the risk assessment procedures to properly evaluate audit risk. Internal control is one of the most commonly misunderstood and misapplied aspects of the financial statement audit process, particularly given the recent significant changes in auditing standards. Mistakes in this area have the greatest likelihood of being identified as deficiencies in peer or regulatory review, but also directly impact audit efficiency.

Major Topics:

  • Documenting an understanding of the design of internal control, including both entity-level and transactional-level internal controls
  • Identifying and evaluating key controls that significantly prevent or detect and correct risks of material misstatement due to fraud or error in a timely manner during the course of normal operations
  • Appropriately verifying that key controls have been implemented
  • IT control considerations, including general and application controls
  • Service Organization Control Report special considerations
  • Obtaining sufficient and appropriate of the operating effectiveness of internal controls for a control reliance strategy, when necessary or desirable
  • Impact of a control reliance strategy on the nature, timing and extent of substantive audit procedures
  • Comparing and contrasting the purpose and requirements related to tests of controls and tests of compliance in a Single Audit

Learning Objectives

  • Discuss the highlights of the COSO Internal Control - Integrated Framework
  • Explain requirements for evaluating the design, implementation and operating effectiveness of internal control over financial reporting
  • Discuss supplemental guidance on the monitoring component of internal control
  • Differentiate between various audit requirements, such as those related to Sarbanes-Oxley and Single Audit

Who should take this course:

Designed for:

Anyone responsible for evaluating internal control design or operating effectiveness on a financial statement audit

Prerequisite:

None

Advanced Preparation:

None

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