Internal controls are applied within an organization to satisfy objectives related to operations, compliance, and financial reporting. This audit CPE course will provide practical analysis and tips for how a reporting entity can manage financial reporting risk in an effective and efficient way. This audit CPE will also differentiate the auditor's responsibilities for internal controls under Sarbanes Oxley, Government Auditing Standards and Single Audit Act requirements.
Learning Objectives
- Upon completion of this course, participants will be able to:
Recall the evolution of internal control through the decades;
Recognize 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;
Identify special considerations for internal controls in a smaller-entity environment; and
Explain important varying audit considerations, such as Sarbanes-Oxley, Government Auditing Standards, and Single Audit Act requirements.
Major Topics
- Evolution of internal control concepts
Revamped 2013 COSO Internal Control
- Integrated Framework
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
Additional responsibilities for the audits in accordance with the Sarbanes-Oxley Act, Government Auditing Standards and Single Audit Act requirements
