Auditing Bits in Bytes™ Session 7: Identifying, Evaluating and Communicating Internal Control Deficiencies

Overview

This 2-hour session focuses on how to properly fulfill the requirements for identifying, evaluating and communicating internal control deficiencies identified during the course of the financial statement audit.

Highlights

Key Topics

• Identifying & Evaluating Internal Control Deficiencies - Emphasizing the importance of identifying both design and operating effectiveness deficiencies during the course of the audit, and how to properly categorize deficiencies as inconsequential, significant or material
• Considering the Impact of Internal Control Deficiencies - The impact on the auditor's conclusions related to risk of material misstatement, sufficient appropriate audit evidence to support the financial statement audit opinion, and independence
• Communicating Internal Control Deficiencies to Those Charged with Governance - How to fulfill requirements in a way that emphasizes to the client the value and importance of giving proper dedication to understanding, consciously evaluating and concluding on an appropriate response to identified deficiencies
• Communicating Other Critical Audit Matters to Governance - What to communicate and when
• 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