2024 Internal Control Fundamentals

Overview

AU-C Section 315 requires the auditor to gain an understanding of the entity and its environment and the entity's internal controls in order to design appropriate audit procedures. This course will review  the key requirements of COSO which is one of the most widely used internal control frameworks. We'll also review the limitations of internal controls. Additionally, this course will introduce the risk assessment process and the various audit procedures to evaluate controls and to determine whether to test the operating effectiveness of controls. 

Highlights

• Risk Assessment
• Internal Controls
• COSO

Prerequisites

None

Designed For

Accounting professionals

Objectives

• Describe the five components of COSO
• Recall the limitations of internal controls

Preparation

None