Focusing on small to medium size entities, this on-demand webinar uses a top-down, risk-based approach to explain the basics of compliance with the GAAS requirement to gain a 'understanding' of internal controls. Topics in this discussion will include brainstorming for risks of material misstatement and evaluating the design effectiveness of internal controls. We will expand on what is meant by design effectiveness through identifying key controls and verifying their implementation. Additionally, this on-demand webinar will discuss identifying, communicating, and responding to any related design and or implementation deficiencies.