Description

Properly designed and effectively operating internal control over financial reporting is critical for preventing, or detecting and correcting, material misstatement. This course describes how to satisfy the audit requirements related to taking a control reliance strategy by testing the operating effectiveness of internal controls, while promoting an effective and efficient financial statement audit.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Instructor: Jennifer F. Louis, CPA

Target Audience

Accountants who have responsibility for evaluating the design and operating effectiveness of controls in a financial statement audit

Course Objectives

After attending this presentation you will be able to...Discuss generally accepted audit requirements related to testing controls for operating effectivenessExplain how to evaluate the results of a control reliance test for operating effectivenessDescribe the use of Service Organization Control (SOC1) Reports on a financial statement auditIdentify the impact of a control reliance strategy on a detailed audit plan

Subjects

The major topics covered in this class include:Generally accepted audit requirements related to testing controls for operating effectivenessIdentifying key controls that may prove effective and efficient to test in a control reliance strategyResponses when deviations are discovered when evaluating the design or operating effectiveness of internal controlLeveraging audit evidence available for Service Organization Control (SOC1) ReportsGeneral computer control considerations when evaluating the design and operating effectiveness of internal control over financial reporting