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

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?

Webinar Qualifies For

• 3 General Credit for Accountant/Bookeeper
• 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 for Internal Audit Practitioner (IAP)
• 3 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
• 3 CPE Credit for Certification in Risk Management Assurance (CRMA)
• 3 CPE Credit for Certified Government Auditing Professional (CGAP)
• 3 CPE Credit 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)
• 3 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
• 3 CE Credit for Certified Wealth Strategist (CWS)

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