A strong system of internal control is imperative to entities; and being able to assess it is also important. This course provides an overview of COSO’s internal control framework comprising five components and their related principles to assist you in evaluating a control environment, risk assessment, control activities, information and communication and monitoring activities at your or your client’s entity.
• Recall overall characteristics of the components of internal control
• Recall the principles of each component of internal control and its related points of focus, and examples
• Distinguish larger from smaller entity control environments
• Identify key information in AU-C 315 related to risk of material misstatement
• Indicate what and how to communicate internal control related matters
Financial statement auditors and entity management involved in financial statement audits