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. In addition, in order to retain existing clients, lower fee pressures and gain invaluable referral sources, financial statement auditors must place a priority on being a value-added business advisor. This auditing CPE course will help the auditor with understanding how to improve required internal control communications to be more value-added from the perspective of the client.
Learning Objectives
Upon completion of this course, participants will be able to:
Discuss what, when, and to whom to communicate identified deficiencies in internal control during the financial statement audit;
Describe how to categorize the severity of identified deficiencies;
Explain how to draft written communications in a way that will increase the likelihood of corrective action;
Describe the importance of making value-added business advice to clients a priority; and
Explain how to anticipate and prevent issues that could negatively impact clients.
Major Topics
The required communication of internal control matters noted on an audit
Evaluating the severity of identified deficiencies, including consideration of qualitative considerations
Importance of placing a priority on being a value-added business advisor
Anticipating and preventing internal control issues related to reliable financial reporting, operational efficiency or compliance
Components of a well-written internal control comment
Better writing tips and techniques
