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Internal Controls to Mitigate Financial Reporting Risk

  • Accountant
  • CRMA
  • CPA/CFF
  • CFE
  • CGAP
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • CBA/MCBA
  • CFIRS
  • CWS

Published: May, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Why internal control?
    3 mins
  • Audit risk assessment clarifications related to controls
    14 mins
  • Monitoring - Aspects of recent emphasis
    29 mins
  • Smaller entity internal control documentation
    41 mins
  • Section 404 internal control reporting requirements
    89 mins

Course Description

Internal control isn’t an all-or-nothing proposition. Just a handful of foundational controls can significantly improve an organization’s risk management and the reliability of its financial data. The difficulty lies in knowing which controls have the greatest impact—and how to strengthen them. Internal controls are applied within an organization to satisfy objectives related to operations, compliance, and financial reporting. 

Many control frameworks exist that attempt to define what good internal control looks like. The most recognizable and trusted of these is the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control-Integrated Framework. It defines the underlying principles of an effective system of internal control over the following:

  • Reliability of financial reporting
  • Effectiveness and efficiency of operations
  • Compliance with applicable laws and regulations

This CPE course will provide practical analysis and tips for how a reporting entity can manage financial reporting risk effectively and efficiently. 

Major Topics Covered in this CPE Auditing webinar:

  • Evolution of internal control concepts.
  • Revamped 2013 COSO Internal Control-Integrated Framework.
  • Applying COSO Internal Control-Integrated Framework Concepts to Smaller Entities
  • 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
  • PCAOB Integrated Audits
  • Single Audit Internal Control Considerations

This CPE webinar will also differentiate the auditor’s responsibilities for internal controls under Sarbanes Oxley, Government Auditing Standards, and Single Audit Act requirements.

Learning Objectives

  • To discuss the evolution of internal control through the decades.
  • To 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.
  • To identify special considerations for internal controls in a smaller-entity environment.
  • To explain important varying audit considerations, such as Sarbanes-Oxley, Government Auditing Standards, and Single Audit Act requirements.

Recommended For

  • This Online CE/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 learning practical analysis and tips for how a reporting entity can manage financial reporting risk effectively and efficiently.

Who Should Attend?

  • Accountant
  • Auditors
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Forensic Auditor
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

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

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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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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