Course ID: CL4AUIC

Internal Control: How Does It Impact an Audit?

The purpose of this course is to help auditors utilize a risk-based approach along with a controls assessment within their engagements to enhance audit quality. Auditors continue to struggle with effective and efficient execution of the Risk Assessment Standards. Common deficiencies include an over-reliance on checklists and inadequate documentation of audit risk assessment, including linkage of audit risks to internal controls over financial reporting. The AICPA Peer Review team continues to see common audit deficiencies relating to these issues. Make sure you are in full compliance with all of today’s standards!


LEARNING OBJECTIVES
  • Recall key concepts in the risk assessment standards, including various requirements related to internal controls assessment.
  • Recognize common implementation issues and solutions.

MAJOR TOPICS
  • Audit process and planning
  • Assessment of the risk of material misstatement and the design and implementation of internal controls utilizing the 2013 revised COSO framework
  • Procedures to test the effectiveness of controls
  • Sampling and non-sampling tests to support the state audit objective
  • Severity of controls deficiencies
  • Required communications

DESIGNED FOR
Auditors who face the challenges of applying the risk assessment requirements

FIELD OF STUDY
Auditing

PREREQUISITES
None

COURSE PRODUCER
AICPA

CPE CREDITS
4.0

LEVEL
Basic

This course is avaliable for your group as:

Group Live
 

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