WASHINGTON SOCIETY OF CPAS
Audit 106: Internal Control Fundamentals - Evaluating Design WEBINAR
WASHINGTON SOCIETY OF CPAS, Washington, District of Columbia, us, 20022
Obtaining an understanding of the entity and its environment is part of assessing risk of material misstatement, in order to design the nature, timing and extent of further audit procedures necessary to obtain sufficient appropriate audit evidence to support the auditor’s report. A critical component of understanding the entity and its environment is to evaluate the design and implementation of internal control over financial reporting.
The experience expected from applicants, as well as additional skills and qualifications needed for this job are listed below.Highlights Responsibilities for gaining an understanding of the entity and its environment. The inter-relationship of the five foundational components of the COSO internal control integrated framework. Various methods for documenting and evaluating the design and implementation of internal control over financial reporting. Identifying critical elements of entity-level and transactional-level controls. Case studies related to identifying deficiencies in internal control documentation.Prerequisites None.Designed For Professionals responsible for evaluating the design and implementation of internal control.Objectives Recognize how to properly obtain an understanding of the entity and its environment, including internal control in order to properly assess risk of material misstatement. Identify the COSO internal control integrated framework. Recall important considerations in documenting a systems description narrative. Recognize how to evaluate internal control design and implementation for deficiencies and how to apply insights to the process of assessing risk of material misstatement.
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The experience expected from applicants, as well as additional skills and qualifications needed for this job are listed below.Highlights Responsibilities for gaining an understanding of the entity and its environment. The inter-relationship of the five foundational components of the COSO internal control integrated framework. Various methods for documenting and evaluating the design and implementation of internal control over financial reporting. Identifying critical elements of entity-level and transactional-level controls. Case studies related to identifying deficiencies in internal control documentation.Prerequisites None.Designed For Professionals responsible for evaluating the design and implementation of internal control.Objectives Recognize how to properly obtain an understanding of the entity and its environment, including internal control in order to properly assess risk of material misstatement. Identify the COSO internal control integrated framework. Recall important considerations in documenting a systems description narrative. Recognize how to evaluate internal control design and implementation for deficiencies and how to apply insights to the process of assessing risk of material misstatement.
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