Obtaining an Understanding of Internal Control
Provider: AICPA
Length: 50 minutes
Auditing
1 CPE Credits
Basic
QAS self study
Understand internal control
Understand internal control in risk assessment as required by GAAS.
Gain an overview of internal control and related key aspects so that you recognize auditor and management roles and responsibilities related to internal control and procedures involved in understanding an entity’s internal control in a risk assessment.
Who Will Benefit
Financial statement auditors, internal auditors and entity management involved in financial statement audits
Key Topics
- Various definitions and aspects of internal control, including separation of duties and safeguarding of assets
- Key aspects of internal control from various organizations, such as COSO, SEC, and PCAOB
- Factors to consider, for example, industry, regulation, and nature of the entity
- Risk assessment procedures, namely inquiry, analytical procedures, and observation and inspection, as well as brainstorming
Understand internal control in risk assessment as required by GAAS.
Gain an overview of internal control and related key aspects so that you recognize auditor and management roles and responsibilities related to internal control and procedures involved in understanding an entity’s internal control in a risk assessment.
Who Will Benefit
Financial statement auditors, internal auditors and entity management involved in financial statement audits
Key Topics
- Various definitions and aspects of internal control, including separation of duties and safeguarding of assets
- Key aspects of internal control from various organizations, such as COSO, SEC, and PCAOB
- Factors to consider, for example, industry, regulation, and nature of the entity
- Risk assessment procedures, namely inquiry, analytical procedures, and observation and inspection, as well as brainstorming