Internal Controls to Mitigate Financial Reporting Risk

Overview

Description:
Internal controls are applied within an organization to satisfy objectives related to operations, compliance, and financial reporting. This course provides practical analysis and tips for how a reporting entity can manage financial reporting risk in an effective and efficient way. This course also differentiates the auditor's responsibilities for internal controls under Sarbanes Oxley, Government Auditing Standards, and Single Audit requirements.

Learning Objectives:

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

Discuss the evolution of internal control through the decades
Describe the revamped 2013 COSO Internal Control - Integrated Framework, including how the various components and principles interrelate to form a strong system of internal control over reliable financial reporting
Identify special considerations for internal control in a smaller-entity environment
Explain important varying audit considerations

Program Content:

The major topics covered in this class include:

Evolution of internal control concepts
Revamped 2013 COSO Internal Control - Integrated Framework
Designing an adequate "umbrella" of internal controls over financial reporting to prevent, or detect and correct, material misstatement due to fraud or error
Specific internal control considerations and sample documentation for smaller entities
Additional responsibilities for audits in accordance with Sarbanes-Oxley Act, Government Auditing Standards, and Single Audit Act requirements

Who should attend: Accountants who are responsible for evaluating the design of internal controls over financial reporting

Developed By: Emergent Solutions Group LLC

Instructor: Jennifer F. Louis, CPA

CPE Credit: 2

Field of Study: Auditing (2 CPE)

Program Level: Basic

Prerequisites: None

Advanced Preparation: None

Format: QAS Self Study

Highlights

Evolution of internal control concepts
Revamped 2013 COSO Internal Control - Integrated Framework
Designing an adequate "umbrella" of internal controls over financial reporting to prevent, or detect and correct, material misstatement due to fraud or error
Specific internal control considerations and sample documentation for smaller entities
Additional responsibilities for audits in accordance with Sarbanes-Oxley Act, Government Auditing Standards, and Single Audit Act requirements

Prerequisites

None

Designed For

Accountants who are responsible for evaluating the design of internal controls over financial reporting

Objectives

Discuss the evolution of internal control through the decades
Describe the revamped 2013 COSO Internal Control - Integrated Framework, including how the various components and principles interrelate to form a strong system of internal control over reliable financial reporting
Identify special considerations for internal control in a smaller-entity environment
Explain important varying audit considerations