Internal Controls for Smaller Entities – Practical Case Studies in Design, Evaluation and Communication (17W274-12)
Description
There is simply no denying that a sufficiently designed and effectively
operating system of internal controls over financial reporting is more
important than ever. In this course, we will use extensive exercises and
case studies to reinforce fundamental theory through “real-life”
scenarios that both internal and external accounting personnel
performing internal control-related activities in a wide variety of
industries will find beneficial. The program qualifies toward the
24-hour Yellow Book requirement.
Learning Objectives
Recognize the key components of a sound system of internal controls
over financial reporting
Compare and contrast an external auditor's
responsibilities under various professional standards, including Yellow
Book and A-133 compliance
Major Topics
Design of internal controls for common classes of transactions for
smaller entities
Identifying and evaluating the sufficiency of key
controls to satisfy control objectives
How to verify whether an
understanding of the design of internal controls has actually been
"implemented"
Case study on testing key controls to gain assurance
about operating effectiveness
The impact of internal control design
and operating deficiencies on the risk of material misstatement related
to financial statement audits
How control risk assessments impact the
nature, timing and extent of substantive procedures in a financial
statement audit
Emphasizing SAS 70 considerations when an entity uses
an outside service organization
Clarifying how the work of others can
be leveraged by external auditors
Communicating deficiencies in
internal controls to appropriate parties
Comparing and contrasting an
external auditor's responsibilities under various professional standards
