Internal control framework; key components of internal controls and the important role each plays. Internal controls and IT. Understanding and evaluating an entity’s internal controls and assessing risks. Testing controls for operating effectiveness; determining sufficiency and appropriateness of the nature, timing and extent of control testing procedures. Evaluating the results of tests, including the impact on the nature, timing and extent of substantive audit procedures. Auditor’s responsibilities according to GAAS. Evaluating and communicating identified deficiencies.
Objectives:
Upon completion of this course participants will be able to:
1. Comply with the auditor’s responsibility regarding the assessment of internal controls.
1. Apply available techniques to document internal controls and compliance.
3. Identify and evaluate risk.
4. Communicate identified deficiencies.
Who should attend: Accountants both in public and private practice responsible for designing, evaluating and/or monitoring internal controls.