Under generally accepted auditing standards (GAAS), all auditors are required to follow a risk-based approach to auditing. The consideration of internal control is key to risk assessment and to the determination of the overall audit approach. Understand the requirements in a financial statement audit for understanding internal control and assessing the design and implementation thereof. The focus of this course is to help you get it right! Throughout the course we’ll enhance your understanding with exercises designed to illustrate how the concepts apply to practical audit situations.
Course ID: ICRA
Internal Controls and Risk Assessment: Key Factors in a Successful Audit
- Recall the professional requirements relating to internal control considerations in a financial statement audit, including their relationship to risk assessment.
- Recognize how to implement the requirements in practice.
- The requirement to assess internal control
- COSO’s integrated framework
- Internal control as a part of risk assessment
- Testing internal controls and controls reliance
- The use of a service organization in the context of an entity’s system of control
- IT general control and application controls
- Documenting the control assessment
- Assessing and communicating deficiencies
- Efficient and effective practices