Course ID: ICDEC

Internal Controls for Smaller Entities: Practical Insights into Mitigating Financial Reporting and Other Risks

There is simply no denying that a sufficiently designed and effectively operating system of internal controls over reliable financial reporting is more important than ever. The primary objective of this course is to give participants “hands-on” practice in designing, evaluating, and communicating conclusions related to design and operating effectiveness of internal controls over reliable financial reporting and other risks for smaller, less-complex, environments.

  • Describe critical concepts promulgated by COSO’s internal control and enterprise-wide risk management
  • Explain best practices for designing, implementing and monitoring internal controls over reliable financial reporting
  • Apply exercises and case studies to reinforce fundamental theory through “real-life” scenarios that both internal and external accounting personnel performing internal control-related activities in a wide variety of industries can relate

  • Recognizing the importance of each of the key components of a sound system of internal controls over financial reporting, regardless of entity’s nature, size or complexity
  • Exercise in documenting an understanding of the design of internal controls for common classes of transactions for smaller entities
  • Understanding the critical role of information technology (IT) general and application controls to reliable financial reporting, even in less-complex IT environments
  • Identifying and evaluating the sufficiency of key controls to satisfy control objectives
  • Understanding the importance of verifying whether an understanding of the design of internal controls has actually been “implemented”, and how to exactly go about doing that
  • Case study on testing key controls to gain assurance about operating effectiveness
  • Clarifying the impact of internal control design and operating deficiencies on assessed risk of material misstatement related to financial statement audits
  • Emphasizing Service Organization Control Report considerations when an entity uses an outside service organization to process certain classes of transactions
  • Exercise in communicating deficiencies in internal controls to appropriate parties
  • Comparing and contrasting an external auditor’s responsibilities under various professional standards, including GAAS, Yellow Book, OMB, and PCAOB

Internal and external accounting or auditing personnel who have responsibility for designing, evaluating or monitoring deficiencies in internal controls



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