The Role of Internal Control in the Risk-Based Audit

Thursday, March 06, 2025
Webcast or Webinar, Online
11:00AM - 3:00 PM (opens at 10:30AM) EST
4Credits
Accounting and Auditing

Registration is Open

Members
$149.00 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/CX44269
Level: Intermediate
Vendor: CPA Crossings, LLC
Field of Study: Auditing

Overview:

This program addresses the role of client internal controls for balancing efficiency and effectiveness in a risk-based audit. Practical insights regarding an auditor's assessment of the risk of material misstatement when auditing financial statements of non-issuers will be explored, with particular emphasis on internal controls of small-to-medium clients. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event. This event may be a rebroadcast of a live event and the instructor will be available for your questions during the event.

Objectives:

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

  • 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:

The major topics that will be covered in this course include:

  • 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:

The major topics that will be covered in this course include:

  • 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 and members in industry.

Prerequisites:

Basic working knowledge of the audit process.