Obtaining an understanding of the entity and its environment is part of assessing risk of material misstatement, in order to design 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. This internal auditing CPE will examine the COS Internal Control - Integrated Framework, and discuss internal control design and implementation for deficiencies.
Learning Objectives
- Upon completion of this course, participants will be able to:
Describe how to properly obtain an understanding of the entity and its environment, including internal control in order to properly assess risk of material misstatement;
Discuss the COSO Internal Control
- Integrated Framework;
Explain important considerations in documenting a systems description narrative; and
Describe how to evaluate internal control design and implementation for deficiencies and how to apply insights to the process of assessing risk of material misstatement.
