Audit 405: Designing Internal Controls for Smaller Entities

Overview

Internal Controls to Mitigate Financial Reporting Risk - Designing Stronger Internal Controls for Small or Mid-Size Entities provide practical analysis and tips for how a reporting entity can manage financial reporting risk in an effective and efficient way. Internal controls are applied within an organization to satisfy objectives related to operations, compliance, and financial reporting. This module will also differentiate the auditor’s responsibilities for internal controls under Sarbanes Oxley, Government Auditing Standards and Single Audit Act requirements. Note: This course is recommended as a part of a 16-hour audit skills curriculum for supervisory or managerial auditors, while it is also appropriate for anyone who has responsibilities for designing or evaluating the design of internal controls. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics covered in this course include:

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

Prerequisites

Experience in basic audits

Designed For

Accountants who are responsible for evaluating the design or internal controls on financial statement audits, including audits in conformance with various compliance requirements

Objectives

After attending this presentation, you will be able to...

Identify the evolution of internal control through the decades
Apply 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
Distinguish important varying audit considerations, such as Sarbanes-Oxley, Government Auditing Standards, and Single Audit Act requirements