Take Control of Your Audit - Avoid Common Internal Control Missteps

Why is it important to understand internal controls?

You may wonder why you are required to spend time on every audit dealing with internal control and may question its usefulness. Regardless of the size of your client or audit budget, there are specific requirements in the standards related to auditing internal control over financial reporting. In this course, you will learn about the impact internal control has on your audit engagements, the common misconceptions detected through peer review, and how to avoid them in your practice.

Take control of your audit

Complete this course to help you improve audit quality by becoming aware of and avoiding common financial statement audit missteps related to internal control over financial reporting.

Who Will Benefit

Practitioners who perform audit engagements

Key Topics

• The audit risk model
• Key steps in evaluating internal control
• Missteps in evaluating internal control

Learning Outcomes

• Recognize the definition of a control and what encompasses a client’s internal control.
• Recall the intent of AU-C section 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, and AU-C section 330, Performing Audit Procedures in Response to Assessed Risks and Evaluation the Audit Evidence Obtained, and how the requirements should be interpreted.
• Recognize your responsibilities when gaining an understanding of your client and its internal control.
• Identify the impact of a client’s internal control on your risk assessment and the nature, timing, and extent of further procedures.