Self-Study

Surgent's Internal Control Fundamentals (Audit Skills Training: Level 1) (A1M7)

  • Wednesday, May 1, 2019 – Thursday, April 30, 2020

  • 3
    CREDITS
    Auditing

Obtaining an understanding of the entity and its environment is part of assessing risk of material misstatement, in order to design the nature, timing and extent of further audit procedures necessary to obtain sufficient appropriate audit evidence to support the auditor's report. A critical component of understanding the entity and its environment is to evaluate the design and implementation of internal control over financial reporting.

Objectives

  • Describe how to properly obtain an understanding of the entity and its environment
  • Discuss the COSO Internal Control – Integrated Framework
  • Explain important considerations in documenting a systems description narrative
  • Describe how to evaluate internal control design and implementation

Highlights

  • Gaining an understanding of the entity and its environment
  • The inter-relationship of the five foundational components of the COSO Internal Control – Integrated Framework
  • Various methods for documenting and evaluating the design and implementation of internal control over financial reporting
  • Critical elements of entity-level and transactional-level controls
  • Case studies related to identifying deficiencies in internal control documentation

Additional Information

Designed For

Professionals new to evaluating the design and implementation of internal control

Vendor

Surgent

Advanced Preparation

None

Credits
Prerequisite

None

Course Number

1925327

Level of Knowledge

Basic

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