Take Control of Your Audit: Avoid Common Internal Control Missteps
Test your client's defenses. Learn how to correctly audit and evaluate internal controls to fortify an organization's risk assessment strategy.
NASBA Field of Study
Carl R. Mayes Jr., Jennifer Burns
Conduct risk assessment the right way
Regardless of the size of your client or audit budget, there are specific requirements in accounting standards and generally accepted auditing principles (GAAP) related to auditing internal control for risk assessment purposes.
Learn about the impact internal control has on your audit engagements and how to avoid common audit missteps identified through our peer review.
You will learn
- The audit risk model
- Auditor responsibilities in risk assessment
- How to correctly evaluate internal control
- The relationship between AU-C 315 and AU-C 330
- The audit risk model
- Key steps in evaluating internal control
- Missteps in evaluating internal control
- Linkage between AU-C 315 and AU-C 330
- Recall the definitions of control, control risk, and what encompasses a client’s internal control.
- Recall the intent of AU-C section 315A, 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 Evaluating the Audit Evidence Obtained, including the interpretation of requirements.
- Recognize auditors’ responsibilities when gaining an understanding of a client and their internal control.
- Recognize the impact of a client’s internal control on the risk assessment and the nature, timing, and extent of further procedures.
Who Will Benefit
- Practitioners who perform audit engagements
Group ordering for your team
The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services.The Association is committed to making professional learning accessible to all product users. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. As part of this commitment, this product is closed-captioned. For additional accommodation requests please contact firstname.lastname@example.org and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.