Self-Study

Surging Auditors: Internal Out of Control

  • Monday, May 1, 2023 – Tuesday, April 30, 2024

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  • 1.00
    CREDITS
    Auditing

In this hands-on game, participants are helping to prepare an internal control testing plan for Home D‚cor & More (HDM). They must assess controls related to HDM's inventory cycle to determine which financial statement assertions each control satisfies, the quality of the control's design, and whether there is adequate segregation of duties. Then, they will complete the HDM control testing plan, including the level of reliance to place on each control and the test of control methods. Each participant wants to be spot-on with the evaluation before submitting the information to a manager for feedback.

Objectives

  • <span data-contrast="none" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW188965918 BCX0" style="background-color: transparent; white-space: pre-wrap; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; font-size: 11pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; font-variant-ligatures: none !important;">Explain the professional standards related to and rationale for understanding and testing internal controls <span class="EOP SCXW188965918 BCX0" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="background-color: transparent; white-space: pre-wrap; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; font-size: 11pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> 
  • <span data-contrast="none" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW188965918 BCX0" style="background-color: transparent; white-space: pre-wrap; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; font-size: 11pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; font-variant-ligatures: none !important;">Discuss the professional standards related to testing controls for operating effectiveness <span class="EOP SCXW188965918 BCX0" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="background-color: transparent; white-space: pre-wrap; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; font-size: 11pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> 
  • <span data-contrast="none" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW188965918 BCX0" style="background-color: transparent; white-space: pre-wrap; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; font-size: 11pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; font-variant-ligatures: none !important;">Illustrate the appropriate level of linkage between the work performed in testing internal controls, control reliance and reporting on internal controls <span class="EOP SCXW188965918 BCX0" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="background-color: transparent; white-space: pre-wrap; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; font-size: 11pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> 
  • <span data-contrast="none" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW188965918 BCX0" style="background-color: transparent; white-space: pre-wrap; font-size: 11pt; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; font-variant-ligatures: none !important;">Identify impact of a control reliance strategy on the detailed audit plan<span data-contrast="none" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW188965918 BCX0" style="background-color: transparent; white-space: pre-wrap; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; font-size: 12pt; line-height: 19px; font-family: Arial, Arial_EmbeddedFont, Arial_MSFontService, sans-serif; font-variant-ligatures: none !important;">

Highlights

  • <span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW108213221 BCX0" style="background-color: transparent; color: windowtext; white-space: pre-wrap; font-size: 11pt; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; line-height: 19.425px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; font-variant-ligatures: none !important;">Refresher on understanding internal controls<span class="EOP SCXW108213221 BCX0" data-ccp-props="{'201341983':0,'335559739':160,'335559740':259}" style="background-color: transparent; color: windowtext; white-space: pre-wrap; font-size: 11pt; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; line-height: 19.425px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> 
  • <span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW108213221 BCX0" style="background-color: transparent; color: windowtext; white-space: pre-wrap; font-size: 11pt; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; line-height: 19.425px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; font-variant-ligatures: none !important;">When testing internal controls is required<span class="EOP SCXW108213221 BCX0" data-ccp-props="{'201341983':0,'335559739':160,'335559740':259}" style="background-color: transparent; color: windowtext; white-space: pre-wrap; font-size: 11pt; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; line-height: 19.425px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> 
  • <span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW108213221 BCX0" style="background-color: transparent; color: windowtext; white-space: pre-wrap; font-size: 11pt; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; line-height: 19.425px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; font-variant-ligatures: none !important;">When testing of internal controls is an effective strategy to reduce substantive testing <span class="EOP SCXW108213221 BCX0" data-ccp-props="{'201341983':0,'335559739':160,'335559740':259}" style="background-color: transparent; color: windowtext; white-space: pre-wrap; font-size: 11pt; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; line-height: 19.425px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> 
  • <span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW108213221 BCX0" style="background-color: transparent; color: windowtext; white-space: pre-wrap; font-size: 11pt; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; line-height: 19.425px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; font-variant-ligatures: none !important;">Designing tests of controls <span class="EOP SCXW108213221 BCX0" data-ccp-props="{'201341983':0,'335559739':160,'335559740':259}" style="background-color: transparent; color: windowtext; white-space: pre-wrap; font-size: 11pt; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; line-height: 19.425px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> 
  • <span data-contrast="auto" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW108213221 BCX0" style="background-color: transparent; color: windowtext; white-space: pre-wrap; font-size: 11pt; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; line-height: 19.425px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; font-variant-ligatures: none !important;">Responses when deviations are discovered in the design or operating effectiveness of internal control<span class="EOP SCXW108213221 BCX0" data-ccp-props="{'201341983':0,'335559739':160,'335559740':259}" style="background-color: transparent; color: windowtext; white-space: pre-wrap; font-size: 11pt; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; line-height: 19.425px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> 

Additional Information

Designed For

Accounting and financial service professionals needing a refresher on internal control testing plans and related standards

Vendor

Surgent

Advanced Preparation

None

Credits

1.00 Auditing

Prerequisite

None

Course Number

2329791

Level of Knowledge

Basic

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