Audit 405: Designing Internal Controls for Smaller Entities WEBINAR - Washington, United States - Washington Society of CPAs

Description

This course provides practical analysis and tips for how a reporting entity can manage financial reporting risk in an effective and efficient way.

Internal controls are applied within an organization to satisfy objectives related to operations, compliance, and financial reporting.

This module will also differentiate the auditor's responsibilities for internal controls under Sarbanes Oxley, Government Auditing Standards and Single Audit Act requirements.

This course is recommended for supervisory or managerial auditors. It is also appropriate for anyone who has responsibilities for designing or evaluating the design of internal controls.
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 the audits in accordance with the Sarbanes-Oxley Act.
Prerequisites

Experience in basic audits.
Designed For

Accountants who are responsible for evaluating the design or internal controls on financial statement audits, including audits in conformance with various compliance requirements.

Objectives

Identify the evolution of internal control through the decades. Apply the revamped 2013.

Learn how the various components and principles interrelate to form a strong system of internal control over reliable financial reporting.

Identify special considerations for internal controls in a smaller-entity environment. Distinguish important varying audit considerations, such as Sarbanes-Oxley.

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