Internal Controls to Mitigate Financial Reporting Risk

Overview

Internal controls are applied within an organization to satisfy objectives related to operations, compliance, and financial reporting. This course provides practical analysis and tips for how a reporting entity can manage financial reporting risk in an effective and efficient way. This course also differentiates the auditor’s responsibilities for internal controls under Sarbanes Oxley, Government Auditing Standards, and Single Audit requirements.

Highlights

• 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 audits in accordance with Sarbanes-Oxley Act, Government Auditing Standards, and Single Audit Act requirements

Prerequisites

None

Designed For

Accountants who are responsible for evaluating the design of internal controls over financial reporting

Objectives

• Discuss the evolution of internal control through the decades
• Describe 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 control in a smaller-entity environment
• Explain important varying audit considerations

Preparation

None