Gain a basic understanding of internal control and how it relates to risk assessment, through the lens of a financial statement auditor but also insightful for entity management and internal auditors. Understand internal control Understand internal control in risk assessment as required by GAAS. Gain an overview of internal control and related key aspects so that you recognize auditor and management roles and responsibilities related to internal control and procedures involved in understanding an entity’s internal control in a risk assessment. Who Will Benefit Financial statement auditors, internal auditors and entity management involved in financial statement audits Key Topics - Various definitions and aspects of internal control, including separation of duties and safeguarding of assets - Key aspects of internal control from various organizations, such as COSO, SEC, and PCAOB - Factors to consider, for example, industry, regulation, and nature of the entity - Risk assessment procedures, namely inquiry, analytical procedures, and observation and inspection, as well as brainstorming Learning Outcomes - Recognize the importance of understanding internal control. - Recall factors and procedures that an auditor should consider when obtaining an understanding of the entity and its environment, including internal control. - Recall definitions and key aspects of internal control from various organizations.