2024 The Role of Internal Control in the Risk-Based Audit

Wednesday, December 18, 2024
Webcast or Webinar, Online
10:00AM - 1:37 PM (opens at 9:30 AM) EST
4Credits
Accounting and Auditing

Registration is Open

Members
$129.00 Regular Price
Non-Members
$159.00 Regular Price

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$80.00 Members / $112.00 Non-Members
Course Type: Webcast
Course Code: 24/AC079275
Level: Intermediate
Vendor: ACPEN
Field of Study: Auditing

Overview:

This program explores the role of client internal controls for balancing efficiency and effectiveness in a risk-based audit. We offer practical insights regarding an auditor's assessment of the risk of material misstatement when auditing financial statements of non-issuers, with particular emphasis on internal controls of small-to-medium clients.

Objectives:

  • Identify minimum understanding and documentation requirements if the auditor does not intend to rely on internal controls
  • Recognize internal controls of less-sophisticated, small-to-medium sized audit clients
  • Utilize identified internal controls for an efficient, risk-based approach to audits conducted in accordance with generally accepted auditing standards
  • Document your procedures and related conclusions

Major Topics:

  • Specific matters auditors should consider when obtaining and documenting an understanding of the client's internal control system
  • Development of a tailored audit approach that considers the potential reliance on internal controls
  • Guidance for establishing an adequate basis for reliance on internal controls of less formal, smaller clients

Major Topics:

  • Specific matters auditors should consider when obtaining and documenting an understanding of the client's internal control system
  • Development of a tailored audit approach that considers the potential reliance on internal controls
  • Guidance for establishing an adequate basis for reliance on internal controls of less formal, smaller clients

Designed For:

CPAs in public practice or members in industry

Prerequisites:

Basic working knowledge of financial statements