Surgent's Fundamentals of Internal Controls

Overview

Obtaining an understanding of the entity and its environment is critical part of assessing the risk of material misstatement. The auditor obtains an understanding of internal controls by evaluating the design and implementation of key controls over relevant systems as well as entity level and financial reporting controls. This module will provide the participant with an understanding of how to perform the work and document the understanding. Participants may also want to register for the audit skills module on testing internal controls. (Please Note: This module is part of Surgent’s Audit Skills Training: Level 1.)

Highlights

• Gaining an understanding of the evolution of internal controls
• Components of the COSO Internal Control – Integrated Framework
• Approaches for documenting and evaluating the design and implementation of internal control over financial reporting
• Critical elements of entity-level and transactional-level controls covering all assertions
• Internal controls that are responsive to the risk of fraud
• Case studies related to identifying deficiencies in internal control documentation

Prerequisites

None

Designed For

Professionals new to evaluating the design and implementation of internal control

Objectives

• Discuss the evolution of Internal Controls
• Discuss the five of the COSO Internal Control – Integrated Framework
• Document the auditor’s understanding of a systems description narrative
• Understand the requirements when systems are outsourced to a third party
• Identify controls that are responsive to the risk of fraud

Preparation

None

Notice

This on-demand webcast can be taken at any time of your choosing and is valid for one year from the date of purchase. No live instructor is present, and an exam is required to earn credit. You must score 70% or higher to earn the certificate.

How do I access my Self-Study Package?

Visit https://www.surgentcpe.com/login and enter your username (your LCPA email address) and password. If you do not remember your password, press the "Forgot?" button to receive a password reset email. Once logged in, the page will refresh to display your account menu on the left side.