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!
Course ID: CL4AUIC
Internal Control: How Does It Impact an Audit?
- Recognize key concepts in the COSO Internal Control – Integrated Framework
- Recall the process for testing controls, and evaluating and reporting on control deficiencies
- 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 FORFinancial statement auditors and entity management involved in financial statement audits
FIELD OF STUDY