On-Demand


2 CPE

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

On-Demand
2 CPE
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    Instructor

    Jennifer
    Louis

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Learning Objectives

  • Describe how to properly satisfy the requirement to evaluate and communicate internal control matters noted during the course the financial statement audit
  • Recognize considerations in properly categorizing internal control deficiencies as an inconsequential matter, significant deficiency, or material weakness
  • Identify significant audit matters to communicate with those charged with governance
  • Recognize ways for reporting entities to assume greater responsibility for internal control over financial reporting

Major 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 Significant Audit Matters to Governance – What to communicate and when
  • Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement

CPE Credits Available

2 CPE
2
Auditing

Things to Know About This Course

Course Level

  • Basic

Professional Area of Focus

  • Accounting & Auditing

Prerequisites

  • None

Advanced Preparation

None  SPEAKER BIO

Intended Audience

  • 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.

Provider

AICPA

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