Audit 303: Internal Controls - Required Communications
2.00 Credits
Member Price $89
Non-Member Price $109
Overview
Internal Control Deficiencies and Other Matters - Adding Value Through Required Auditor Communications will help the auditor with understanding how to improve required internal control communications to be more value-added from the perspective of the client. Professional and regulatory audit standards require communication of internal control matters noted in a financial statement audit. This assists management and those charged with governance with satisfying responsibilities for designing, implementing, maintaining, and monitoring internal controls. In addition, in order to retain existing clients, lower fee pressures and gain invaluable referral sources, financial statement auditors must place a priority on being a value-added business advisor. Note: This course is recommended as a part of a 16-hour audit skills curriculum for in-charge or supervisor auditors, while it is also appropriate for anyone who has responsibilities for communicating internal control related matters to the client. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Highlights
The major topics covered in this course include:
- The required communication of internal control matters noted on an audit
- Evaluating the severity of identified deficiencies, including consideration of qualitative considerations
- Importance of placing a priority on being a value-added business advisor
- Anticipating and preventing internal control issues related to reliable financial reporting, operational efficiency or compliance
- Components of a well-written internal control comment
- Better writing tips and techniques
Prerequisites
Experience on basic audit engagements
Designed For
Accountants who are responsible for drafting internal control related matters noted in an audit
Objectives
Upon completion of this course, you will be able to...
- Identify what, when, and to whom to communicate identified deficiencies in internal control during the financial statement audit
- Choose how to categorize the severity of identified deficiencies
- Determine how to draft written communications in a way that will increase the likelihood of corrective action
- Distinguish the importance of making value-added business advice to clients a priority
- Determine how to anticipate and prevent issues that could negatively impact clients
Preparation
None
Leader(s):
Leader Bios
Jennifer Louis, Business Learning Institute
Jennifer F. Louis, CPA, has more than 18 years of experience in designing and instructing high-quality training programs. In 2003 she formed Emergent Solutions Group, LLC, serving organizations by providing training services on a project-specific or parttime basis.
Most recently, Ms. Louis was executive vice president / director of trainingServices at AuditWatch, Inc., a premier training and consulting firm serving the audit profession. She began her career at AuditWatch as vice president of product development. Before joining AuditWatch, Ms. Louis was the financial/operational audit manager at AARP.
Ms. Louis also was an audit manager for Deloitte & Touche LLP. During her years at Deloitte & Touche’s Washington D.C. office, she was a frequent local and national instructor. She also served as an
instructor for the firm’s national “Train the Trainers” program.
Non-Member Price $109
Member Price $89