Surgent's Fundamentals of Internal Controls

Available Anytime

Location: Online

2Credits

Accounting and Auditing

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FICPA Members

~~$89.00 Regular Price~~

Nonmembers

$119.00 Regular Price

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Product Code: SU24-A1S3-SSWC

Level: Basic

Vendor: Surgent

Field of Study: Auditing

Overview:

Obtaining an understanding of the entity and its environment is critical part of assessing the risk of material misstatement. The auditor obtains an understanding of internal controls by evaluating the design and implementation of key controls over relevant systems as well as entity level and financial reporting controls. This module will provide the participant with an understanding of how to perform the work and document the understanding. Participants may also want to register for the audit skills module on testing internal controls. (Please Note: This module is part of Surgent's Audit Skills Training: Level 1.)

Objectives:

Discuss the evolution of Internal Controls
Discuss the five of the COSO Internal Control – Integrated Framework
Document the auditor’s understanding of a systems description narrative
Understand the requirements when systems are outsourced to a third party
Identify controls that are responsive to the risk of fraud

Major Topics:

Gaining an understanding of the evolution of internal controls
Components of the COSO Internal Control – Integrated Framework
Approaches for documenting and evaluating the design and implementation of internal control over financial reporting
Critical elements of entity-level and transactional-level controls covering all assertions
Internal controls that are responsive to the risk of fraud
Case studies related to identifying deficiencies in internal control documentation

Designed For:

Professionals new to evaluating the design and implementation of internal control

Prerequisite:

None

Additional Info:

You will receive an email from [email protected] with instructions on how to log onto your course shortly. If you do not receive the email within the hour, please check your spam filter.

For technical support, registration questions or other customer service-related inquiries, please call (800) 778-7436 or email [email protected]. Phones are staffed from 8:30 a.m. to 5:00 p.m. Eastern Time, Monday through Thursday, and 8:30 a.m. to 4:00 p.m. Eastern Time on Friday.