Internal Control: Understanding and Testing 2024

Friday, January 24, 2025
Webcast or Webinar, Online
11:00AM - 2:30 PM (opens at 10:30AM) EST
4Credits

Registration is Open

Members
$159.00 Regular Price
Non-Members
$209.00 Regular Price

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$80.00 Members / $112.00 Non-Members
Course Type: Webcast
Course Code: 24/125234
Level: Basic
Vendor: California CPA Education Foundation
Field of Study: Auditing

Overview:

Internal Control is designed to provide reasonable assurance to achieve the entity's objectives related to financial reporting, effectiveness and efficiency of operations and compliance with applicable laws and regulations. It safeguards assets against unauthorized acquisition, use, or disposition and may include controls relating to financial reporting and operating objectives. Auditors should understand internal control relevant to the audit and the application of professional judgment. Most audit-related controls relate to financial reporting. However, not all controls related to financial reporting are appropriate for audits. Therefore, the auditor should evaluate the design of controls and determine whether they have been implemented by performing procedures and the inquiry of the entity's personnel.

Objectives:

• Recognize areas where controls exist and the circumstances when controls can be tested • Determine when and how private companies maintain a system of internal control when formal processes do not exist • Identify strengths and weaknesses in a private company's control environment by performing risk assessment procedures and transaction walk-throughs

Major Topics:

• Review of the audit requirements stated in the auditing standards regarding internal control activities • Analysis of the control environment, concentrating on privately-owned businesses • A detailed discussion of an effective system of internal control and related control activities as detailed in the updated COSO report • Sample risk assessment procedures to determine control risk for all major assertions • Discussion of how to reduce control risk to below maximum • Specific tests of controls that can be beneficial to a financial audit • Discussion of the requirements to test controls for Governmental audits

Major Topics:

• Review of the audit requirements stated in the auditing standards regarding internal control activities • Analysis of the control environment, concentrating on privately-owned businesses • A detailed discussion of an effective system of internal control and related control activities as detailed in the updated COSO report • Sample risk assessment procedures to determine control risk for all major assertions • Discussion of how to reduce control risk to below maximum • Specific tests of controls that can be beneficial to a financial audit • Discussion of the requirements to test controls for Governmental audits

Designed For:

CPAs and auditors.

Prerequisites:

None