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Towson, MD 21204
PHONE: 888-481-3500
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Auditing Bits in Bytes -Segment 7: Identifying, Evaluating & Communicating Internal Control Matters Noted on the AuditCOURSE ID: ABB7
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 how to properly satisfy the requirement to evaluate and communicate internal control matters noted during the course the financial statement audit
  • Explain critical audit matters to communicate with those charged with governance
  • Apply considerations in properly categorizing internal control deficiencies as an inconsequential matter, significant deficiency, or material weakness
HIGHLIGHTS:

* Identifying & Evaluating Internal Control Deficiencies – Emphasizing the importance of identifying both design and operating effectiveness deficiencies during the course of the audit, and how to properly categorize deficiencies as inconsequential, significant or material
* Considering the Impact of Internal Control Deficiencies – The impact on the auditor’s conclusions related to risk of material misstatement, sufficient appropriate audit evidence to support the financial statement audit opinion, and independence
* Communicating Internal Control Deficiencies to Those Charged with Governance – How to fulfill requirements in a way that emphasizes to the client the value and importance of giving proper dedication to understanding, consciously evaluating and concluding on an appropriate response to identified deficiencies
* Communicating Other Critical Audit Matters to Governance – What to communicate and when
* 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

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