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Self-StudySELECT STARTING AT $54

On-Demand Webcast

Credits: 3

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$54
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Internal Control Fundamentals (Audit Skills Training: Level 1) (A1M7)

  • Customer Rating
  • Field of Study
    Auditing
  • Level
    Basic
  • Credits
    3
  • Qualifies for

    CPE

Overview

Obtaining an understanding of the entity and its environment is part of assessing risk of material misstatement, in order to design the nature, timing and extent of further audit procedures necessary to obtain sufficient appropriate audit evidence to support the auditor’s report. A critical component of understanding the entity and its environment is to evaluate the design and implementation of internal control over financial reporting.

Major Topics:

  • Gaining an understanding of the entity and its environment
  • The inter-relationship of the five foundational components of the COSO Internal Control – Integrated Framework
  • Various methods for documenting and evaluating the design and implementation of internal control over financial reporting
  • Critical elements of entity-level and transactional-level controls
  • Case studies related to identifying deficiencies in internal control documentation
  • Learning Objectives

  • Describe how to properly obtain an understanding of the entity and its environment
  • Understand the COSO Internal Control - Integrated Framework
  • Explain how to create a systems description narrative
  • Evaluate internal control design and implementation
  • Who should take this course:

    Designed for:

    Professionals new to evaluating the design and implementation of internal control

    Prerequisite:

    None

    Advanced Preparation:

    None

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