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Webinar (AICPA): Take Control of Your Audit: Avoid Common Internal Control Missteps

Description

Why is it important to understand internal controls? Are you an auditor engaged to audit a small- to medium-sized entity? If so, you may wonder why you are required to spend time on every audit dealing with internal control. This may seem like an exercise that is much more relevant in an audit of a larger entity, and you may question its usefulness when auditing your smaller clients. So, why is gaining an understanding of controls necessary? In this webcast, you will learn about the impact internal control has on your audit engagements, the common misconceptions we’ve detected through Peer Review, and how to avoid them in your practice.

Learning Objectives

*Recognize the definition of a control and what encompasses a client’s internal control. *Recall the intent of AU-C 315 and 330 and how the requirements should be interpreted. *Recognize your responsibilities when gaining an understanding of your client and their internal control. *Identify the impact of a client’s internal control on your risk assessment and the nature, timing and extent of further procedures.

Major Topics

* Defining what an internal control is

*Determining which controls are relevant to the audit

*Identifying auditor responsibilities regarding internal control

*Illustrating how internal control affects the risk assessment procedures

*Describing the impact internal control has on further procedures

Provider
AICPA - Durham
Course Level
Basic
CPE Field of Study
Auditing
2
Who Should Attend

Financial statement auditors who perform audits of small- to medium-sized entities.

Prerequisites

None

Advanced Preparation

None

Location
Webinar
Event Information
When
Jan 12, 2021
11:00 am - 1:00 pm MST
Location
Webinar
Total CPE Credits
2
Format
Webinar

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$119.00
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Webinar (AICPA): Take Control of Your Audit: Avoid Common Internal Control Missteps


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