Course ID: CL4AUIC

Internal Control: How Does It Impact an Audit?

The purpose of this course is to help auditors familiarize themselves with key concepts in the COSO Internal Control – Integrated Framework (the COSO Framework) in order to obtain an understanding of controls during a financial statement audit regardless of whether a controls reliance approach is taken. Auditors continue to struggle with effective and efficient application of the COSO framework. Common deficiencies include an over-reliance on controls and inadequate documentation of controls, including planning procedures. Make sure you understand how internal control impacts your audit!


LEARNING OBJECTIVES
  • Recognize key concepts in the COSO Internal Control – Integrated Framework
  • Recall the process for testing controls, and evaluating and reporting on control deficiencies

MAJOR TOPICS
  • Key concepts in the COSO Internal Control – Integrated Framework
  • Procedures to test the effectiveness of controls
  • Sampling and non-sampling testing
  • Severity of controls deficiencies
  • Required communications

DESIGNED FOR
Financial statement auditors and entity management involved in financial statement audits

FIELD OF STUDY
Auditing

PREREQUISITES
None

COURSE PRODUCER
AICPA

CPE CREDITS
4.0

LEVEL
Basic

This course is available for your group as:

Group Live
 

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