Internal Control Fundamentals: Satisfying Audit Requirements for Evaluating Design and Implementation

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Course Description
Course Qualification
Presenter
FAQ

Course Description

Overview

Obtaining an understanding

4 mins
Design and implementation evaluation

17 mins
control environment

29 mins
Financial statement assertions

48 mins
Exercise - What control is missing?

90 mins

Course Description

Obtaining an understanding of the entity and its environment is part of assessing the risk of material misstatement, to designing the nature, timing, and extent of further audit procedures necessary to obtain sufficient appropriate audit evidence to support the auditor’s report.

A critical component of understanding the entity and its environment is to evaluate the design and implementation of internal control over financial reporting.

Successful development of a cost-effective internal control system and its implementation is balanced on a very thin line. Therefore, it is tricky. The organizations that can develop and implement internal control can reap the following benefits for the business.

Despite its several advantages, for some businesses, it has been difficult to successfully devise an internal control strategy that is without loopholes and supports overall objectives set by the business.

This CPE webinar is a key input provider in developing cost-effective internal controls for businesses that increases the efficiency of the business. It is designed to take the participant through the process of developing cost-effective internal controls for businesses.

Major Topics Covered in this CPE Auditing webinar:

Responsibilities for gaining an understanding of the entity and its environment.
Evaluating Design and Implementation.
The inter-relationship of the five foundational components of the COSO Internal Control-Integrated Framework.
Overview of Control Activities.
Various methods for documenting and evaluating the design and implementation of internal control over financial reporting.
Identifying critical elements of entity-level and transactional-level controls.
Key Controls Related to Cash Receipts.
Smaller Entity Considerations.
Case studies related to identifying deficiencies in internal control documentation.

If you are interested in exploring audit courses, Certification in Integrated Auditing might interest you.

Learning Objectives

To describe how to properly obtain an understanding of the entity and its environment, including internal control to properly assess the risk of material misstatement.
To discuss the COSO Internal Control-Integrated Framework.
To explain important considerations in documenting a systems description narrative.
To describe how to evaluate internal control design and implementation for deficiencies
To analyze how to apply insights to the process of assessing the risk of material misstatement.

Recommended For

This Online CPE Webinar is recommended for CPA, CIA, IAP, QIAL, CMA, CFF, CFE, CVA, CGFM, CBA/ MCBA, CRMA, CGAP, CFIRS, CWS, Internal Auditors, External Auditors, Accountants, and Other Professionals interested in upgrading their knowledge regarding Internal Controls.

Who Should Attend?

Accountant
Accounting Firm
Accounting Managers
Accounts Payable Manager
Auditors
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
CPA in Business
Entrepreneurial Accountant
Entrepreneurial CPA
Forensic Auditor
Fraud & Forensic Auditor
Senior Accountant
Staff of Accounting Firm
Young CPA

Course Qualification

Webinar Qualifies For

3 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
3 CPD Credit of Auditing for Certified Financial Forensics (CFF)
3 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
3 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
3 CPE Credit of Auditing for Certified Management Accountants (CMA)
3 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
3 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
3 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
3 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
3 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
3 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
3 CPE Credit of Auditing for Certified Valuation Analyst (CVA)
3 CPE Credit of Auditing for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)

Additional details

Course Level :

Basic
Credits :

3
Instructional Method :

QAS Self Study
Pre-requisites :

None
Advance Preparation :

None

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.

Presenter

About Presenter

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.

About Company

Emergent Solutions Group LLC

www.emergentgroup.net

Emergent Solutions Group is highly rated in course design and instruction on a wide array of topics, including accounting, auditing, personal development, project management, practice management, and more. Our Services includes :

1. Developing High-Caliber, Cost-Effective Training Content

2. Revamping or Customizing Existing Training Offerings

3. "On-Call” Instructing and Speaking

4. Training the Trainer

Faq

FAQs content

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