Auditing Bits in Bytes™ Session 3: Internal Control Considerations

Overview

This 2-hour session focuses on important internal control considerations.

Highlights

Key Topics

• Evaluating the Design & Implementation of Internal Controls
• The typical types and flow of an internal control system
• Documenting an understanding of the design of internal control, including both entity-level and transactional-level internal controls
• Identifying the key controls that significantly reduce the possibility of material misstatement due to fraud or error
• Appropriately verifying that key controls have been implemented
  -IT control considerations, including general and application controls
• Service Organization Control (SOC) Report special considerations
• Testing Controls for Operating Effectiveness
• What audit evidence is required to reduce control risk below high
• Understanding when a control reliance strategy may be either necessary or desirable in an audit plan
• The impact of reduced control risk on the nature, timing and extent of substantive audit procedures
• Extensive illustrative examples and exercises will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement

Prerequisites

None

Designed For

Who Will Benefit

Anyone who is new to auditing or desires a refresher in how to perform effective and efficient financial statement audits for non-issuers in accordance with professional and regulatory standards