Properly designed and effectively operating internal control over financial reporting is critical for preventing, or detecting and correcting, material misstatement. This audit CPE course will describe how to satisfy the audit requirements related to taking a control reliance strategy by testing the operating effectiveness of internal controls, while promoting an effective and efficient financial statement audit.
Learning Objectives
Upon completion of the course, participants will be able to:
List generally accepted audit requirements related to testing controls for operating effectiveness
Explain how to evaluate the results of a control reliance test for operating effectiveness
Recall the use of Service Organization Control (SOC1) Reports on a financial statement audit
Identify the impact of a control reliance strategy on the detailed audit plan
Major Topics
Generally accepted audit requirements related to testing controls for operating effectiveness
Identifying key controls that may prove effective and efficient to test in a control reliance strategy
Responses when deviations are discovered when evaluating the design or operating effectiveness of internal control
Leveraging audit evidence available through Service Organization Control (SOC1) Reports
General computer control considerations when evaluating the design and operating effectiveness of internal control over financial reporting
