This program addresses the role of client internal controls for balancing efficiency and effectiveness in a risk-based audit. Practical insights regarding an auditor's assessment of the risk of material misstatement when auditing financial statements of non-issuers will be explored, with particular emphasis on internal controls of small-to-medium clients. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event. This event may be a rebroadcast of a live event and the instructor will be available for your questions during the event.
Learning Objectives
After attending this presentation you will be able to...
- Identify minimum understanding and documentation requirements if the auditor does not intend to rely on internal controls.
- Recognize internal controls of less-sophisticated, small-to-medium sized audit clients.
- Utilize identified internal controls for an efficient, risk-based approach to audits conducted in accordance with generally accepted auditing standards.
- Document your procedures and related conclusions
Major Topics
The major topics that will be covered in this course include:
- Specific matters auditors should consider when obtaining and documenting an understanding of the client's internal control system
- Development of a tailored audit approach that considers the potential reliance on internal controls
- Guidance for establishing an adequate basis for reliance on internal controls of less formal, smaller clients
