Surgent's Surging Auditors: Internal Out of Control

Available Anytime

Location: Online

1Credits

Accounting and Auditing

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~~$49.00 Regular Price~~

Nonmembers

$64.00 Regular Price

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Product Code: SU24-SAU4-SSDL

Level: Basic

Vendor: Surgent

Field of Study: Auditing

Overview:

In this hands-on game, participants are helping to prepare an internal control testing plan for Home D‚cor & More (HDM). They must assess controls related to HDM's inventory cycle to determine which financial statement assertions each control satisfies, the quality of the control's design, and whether there is adequate segregation of duties. Then, they will complete the HDM control testing plan, including the level of reliance to place on each control and the test of control methods. Each participant wants to be spot-on with the evaluation before submitting the information to a manager for feedback.

Objectives:

Explain the professional standards related to and rationale for understanding and testing internal controls
Discuss the professional standards related to testing controls for operating effectiveness
Illustrate the appropriate level of linkage between the work performed in testing internal controls, control reliance and reporting on internal controls
Identify impact of a control reliance strategy on the detailed audit plan

Major Topics:

Refresher on understanding internal controls
When testing internal controls is required
When testing of internal controls is an effective strategy to reduce substantive testing
Designing tests of controls
Responses when deviations are discovered in the design or operating effectiveness of internal control

Designed For:

Accounting and financial service professionals needing a refresher on internal control testing plans and related standards

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.