Internal controls are applied within an organization to satisfy objectives related to operations, compliance, and financial reporting. This course provides practical analysis and tips for how a reporting entity can manage financial reporting risk in an effective and efficient way. This course also differentiates the auditor's responsibilities for internal controls under Sarbanes Oxley, Government Auditing Standards, and Single Audit requirements.
This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation you will be able to...
- Discuss the evolution of internal control through the decades
- Describe the revamped 2013 COSO Internal Control - Integrated Framework, including how the various components and principles interrelate to form a strong system of internal control over reliable financial reporting
- Identify special considerations for internal control in a smaller-entity environment
- Explain important varying audit considerations
Major Topics
The major topics covered in this class include:
- Evolution of internal control concepts
- Revamped 2013 COSO Internal Control - Integrated Framework
- Designing an adequate "umbrella" of internal controls over financial reporting to prevent, or detect and correct, material misstatement due to fraud or error
- Specific internal control considerations and sample documentation for smaller entities
- Additional responsibilities for audits in accordance with Sarbanes-Oxley Act, Government Auditing Standards, and Single Audit Act requirements
