Internal Control - Testing for Operating Effectiveness
Wednesday, March 26, 2025
Webcast or Webinar, Online
1:00 PM - 3:00 PM (opens at 12:30PM) EST
2Credits
Accounting and Auditing
Registration is Open
Members
$89.00 Regular Price
Non-Members
$119.00 Regular Price
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Course Type: Webcast
Course Code: 24/CX46074
Level: Basic
Vendor: CPA Crossings, LLC
Field of Study: Auditing
Overview:
Properly designed and effectively operating internal control over financial reporting is critical for preventing, or detecting and correcting, material misstatement. This course describes how to satisfy the audit requirements related to taking a control reliance strategy by testing the operating effectiveness of internal controls, while promoting an effective and efficient financial statement audit. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.Objectives:
After attending this presentation you will be able to...- Discuss generally accepted audit requirements related to testing controls for operating effectiveness
- Explain how to evaluate the results of a control reliance test for operating effectiveness
- Describe the use of Service Organization Control (SOC1) Reports on a financial statement audit
- Identify the impact of a control reliance strategy on a detailed audit plan
Major Topics:
The major topics covered in this class include:
- Generally accepted audit requirements related to testing controls for operating effectiveness
- Identifying key controls that may prove effective and efficient to test in a control reliance strategy
- Responses when deviations are discovered when evaluating the design or operating effectiveness of internal control
- Leveraging audit evidence available for Service Organization Control (SOC1) Reports
- General computer control considerations when evaluating the design and operating effectiveness of internal control over financial reporting
Major Topics:
The major topics covered in this class include:
- Generally accepted audit requirements related to testing controls for operating effectiveness
- Identifying key controls that may prove effective and efficient to test in a control reliance strategy
- Responses when deviations are discovered when evaluating the design or operating effectiveness of internal control
- Leveraging audit evidence available for Service Organization Control (SOC1) Reports
- General computer control considerations when evaluating the design and operating effectiveness of internal control over financial reporting