Obtaining an Understanding of Internal Control
Available Anytime
Location:
Online
1Credits
Accounting and Auditing
Registration is Open
FICPA Members
Nonmembers
$59.00 Regular Price
Product Code: AI23-ICUND
Level: Basic
Vendor: AICPA CPE Division
Field of Study: Auditing
Overview:
Understand internal control
Understand internal control in risk assessment as required by GAAS.
Gain an overview of internal control and related key aspects so that you recognize auditor and management roles and responsibilities related to internal control and procedures involved in understanding an entity's internal control in a risk assessment.
Objectives:
Learning Outcomes
- Recognize the importance of understanding internal control.
- Recall factors and procedures that an auditor should consider when obtaining an understanding of the entity and its environment, including internal control.
- Recall definitions and key aspects of internal control from various organizations.
Major Topics:
Key Topics
- Various definitions and aspects of internal control, including separation of duties and safeguarding of assets
- Key aspects of internal control from various organizations, such as COSO, SEC, and PCAOB
- Factors to consider, for example, industry, regulation, and nature of the entity
- Risk assessment procedures, namely inquiry, analytical procedures, and observation and inspection, as well as brainstorming
Designed For:
Who Will Benefit
Financial statement auditors, internal auditors and entity management involved in financial statement audits