Internal Control Deficiencies and Other Matters: Adding Value Through Required Auditor Communications

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Learning Objectives

To discuss what, when, and to whom to communicate identified deficiencies in internal control during the financial statement audit.
To analyze how to categorize the severity of identified deficiencies.
To explain how to draft written communications in a way that will increase the likelihood of corrective action.
To discuss the importance of making value-added business advice to clients a priority.
To explain how to anticipate and prevent issues that could negatively impact clients.

Course Description

In an audit of financial statements, the auditor may identify deficiencies in the company's internal control over financial reporting. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.

A deficiency in design exists when a control necessary to meet the control objective is missing or an existing control is not properly designed so that, even if the control operates as designed, the control objective is not always met. A deficiency in operation exists when a properly designed control does not operate as designed or when the person performing the control does not possess the necessary authority or qualifications to perform the control effectively.

Professional and regulatory audit standards require communication of internal control matters noted in a financial statement audit. This assists management and those charged with governance with satisfying responsibilities for designing, implementing, maintaining, and monitoring internal controls.

This CPE course will help the auditor understand how to improve required internal control communications to be more value-added from the perspective of the client.

Major Topics Covered in this CPE Auditing Webinar:

SAS Requirements for Communication.
Evaluating the severity of identified deficiencies, including consideration of qualitative considerations
Who, How, and When to Communicate
Elements of a Communicated Deficiency
Elements of Written Communication
Focus on Being Value-Added in Communications
Putting the Client at the Center of the Table
Communicating from the Client’s Perspective
Better Writing Tips

Webinar Qualifies For

2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
2 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
2 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
2 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
2 CPE Credit of Auditing for Certified Management Accountants (CMA)
2 CPE Credit of Internal Audit function for Certification in Risk Management Assurance (CRMA)
2 CPD Credit of Auditing for Certified Financial Forensics (CFF)
2 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
2 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
2 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
2 CPE Credit of Internal Controls for Certified Internal Controls Auditor (CICA)
2 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
2 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
2 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
2 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)
2 CPE Credit of Internal Controls for Certified Controls Specialist (CCS)

About Instructor

Jennifer Louis, CPA (US)

President, Emergent Solutions Group LLC

Jennifer F. Louis, CPA has over 25 years of experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organization success. In 2003, she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical, and engaging accounting and auditing training. She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. Besides loving life on the lake with her husband in Charlotte, NC, she enjoys hiking with her little dog Frodo Beggins, and savoring any precious moments spent with her two young adult boys.

Additional Information

Duration

2 Hours

Course Level

Basic

Instructional Method

Group Internet Based

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

4.6

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Katrina Johnson, Accountant/Bookkeeper/Tax Professionals

The instructor was very knowledgeable, and she spoke clearly. The content was easy to follow. I enjoyed the webinar, especially the brain breaks. Thanks for a great webinar experience!

Sherry Kissoon, CIA, ACCA

Very useful, well executed, relevant and met the requirements or objectives

RSK

Robert S Krim, Accountant/Bookkeeper/Tax Professionals, CFP® (US), EA

Excellent presentation. Very knowledgeable instructor

Jereme Allison, CFE, CIA

Very good presentation.

Robert Quackenbush, CIA

great course

2 Credits

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Subject Area

Auditing

Completed

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Internal Control Deficiencies and Other Matters: Adding Value Through Required Auditor Communications

Course Details

Learning Objectives

Course Description

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

Jennifer Louis, CPA (US)

Other Details

Additional Information

2 Hours

Basic

Group Internet Based

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.6

Katrina Johnson, Accountant/Bookkeeper/Tax Professionals

Sherry Kissoon, CIA, ACCA

Robert S Krim, Accountant/Bookkeeper/Tax Professionals, CFP® (US), EA

Jereme Allison, CFE, CIA

Robert Quackenbush, CIA

Subject Area

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