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ADDRESS: 901 Dulaney Valley Road, Suite 800
Towson, MD 21204
PHONE: 888-481-3500
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Auditing Bits in Bytes – Segment 3: Evaluating the Design & Operating Effectiveness of Internal Control to Assess Audit RiskCOURSE ID: ABB3
DESCRIPTION

Get a practical break-down of “Real World” best practices applied in highly successful audits. Attempting to perform an effective and efficient audit can be intimidating and confusing, for new and experienced auditors alike. This series of eight individual segments will provide valuable tips and techniques from an experienced auditor that are needed to successfully design and perform financial statement audits in “real-life” circumstances. Extensive illustrative examples and exercises will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement. (1-2 CPE hours)

DESIGNED FOR: Public accountants interested in increasing the quality and profitability of audit engagementsFIELD OF STUDY: AuditingLEVEL: BasicPREREQUISITES: NoneCOURSE PRODUCER: Business Learning InstituteCREDITS: 2.0OBJECTIVES:
  • Describe the requirement to evaluate the design and implementation of internal control as part of the risk assessment process
  • Explain the considerations when deciding whether it is necessary or desirable to test the operating effectiveness of internal controls to reduce assessed risk of material misstatement
  • Apply best practices in understanding one of the most commonly misunderstood and misapplied aspects of the audit process
HIGHLIGHTS:

* Evaluating the Design & Implementation of Internal Controls
-The typical types and flow of an internal control system
-Documenting an understanding of the design of internal control, including both entity-level and transactional-level internal controls
-Identifying the key controls that significantly reduce the possibility of material misstatement due to fraud or error
-Appropriately verifying that key controls have been implemented
-IT control considerations, including general and application controls
-Service Organization Control (SOC) Report special considerations

* Testing Controls for Operating Effectiveness
-What audit evidence is required to reduce control risk below high
-Understanding when a control reliance strategy may be either necessary or desirable in an audit plan
-The impact of reduced control risk on the nature, timing and extent of substantive audit procedures

* Extensive illustrative examples and exercises will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement

Download the 2016 Business Learning Institute Course Catalog DOWNLOAD PDF
Business Learning Institute - Course Catalog
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