Many managers, supervisors, and accountants in business, government or nonprofits are not able to identify their departmental policies and procedures that function as the primary controls against errors and fraud. Alternately, auditors performing field work may be confused about how to interpret and evaluate management’s documentation of accounting processes and controls. Neither party may truly understand how their duties differ. After an overview of the COSO guidance on the components and principles of internal control, this course introduces participants to basic tools used to document processes and controls. Participants also discuss the identification of the risks of errors and fraud and consideration the presence (or absence) of related controls.
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• Recall factors that an auditor should consider when obtaining an understanding of the entity and its environment, including internal control. • Identify keys to success in designing a control environment with strong internal controls. • Recall internal control objectives, components, and principles. • Identify tools that can assist in the documentation of internal control. • Identify ways to obtain efficiencies and effectiveness in internal control in various types of smaller entities.
• Components and principles of internal control • Concepts associated with the COSO framework • Management responsibilities vs. auditor responsibilities • Common significant accounting processes • Tools and techniques used for internal control documentation
Practitioners responsible for or involved in financial statement audits.