Audit 106: Internal Control Fundamentals - Evaluating Design
2.00 Credits
Member Price $89
Non-Member Price $109
Overview
Internal Control Fundamentals - Satisfying Audit Requirements for Evaluating Design and Implementation is a critical foundational course. Obtaining an understanding of the entity and its environment is part of assessing risk of material misstatement, in order to design the nature, timing and extent of further audit procedures necessary to obtain sufficient appropriate audit evidence to support the auditor’s report. A critical component of understanding the entity and its environment is to evaluate the design and implementation of internal control over financial reporting. Note: This course is recommended as a part of a 16-hour audit skills curriculum for beginning auditors, while it is also appropriate for anyone who has responsibilities for evaluating the design and implementation of internal controls over financial reporting. 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:
- Responsibilities for gaining an understanding of the entity and its environment
- The inter-relationship of the five foundational components of the COSO Internal Control - Integrated Framework
- Various methods for documenting and evaluating the design and implementation of internal control over financial reporting
- Identifying critical elements of entity-level and transactional-level controls
- Case studies related to identifying deficiencies in internal control documentation
Prerequisites
None
Designed For
Professionals responsible for evaluating the design and implementation of internal control
Objectives
Upon completion of this course, you will be able to...
- Recognize how to properly obtain an understanding of the entity and its environment, including internal control in order to properly assess risk of material misstatement
- Identify the COSO Internal Control - Integrated Framework
- Recall important considerations in documenting a systems description narrative
- Recognize how to evaluate internal control design and implementation for deficiencies and how to apply insights to the process of assessing risk of material misstatement
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