Many organizations are audited by independent public accountants.  The purpose of an audit is to express an opinion on the fairness of presentation of financial information prepared by management.  An audit enhances the value of financial information by making it more trustworthy and credible. 

In this multi-part course, we  learn how public accountants plan and execute an audit. This is Part 3 of 4, which covers internal controls and fraud controls, including the COSO framework, testing controls, fraud schemes and more.

Course Series

This course is included in the following series:

4 CoursesAuditing

  1. Auditing Financial Statements Part I: An Overview of The Financial Statement Audit
  2. Auditing Financial Statements Part II: Auditing Principles
  3. Auditing Financial Statements Part III: Internal Controls and Fraud Controls
  4. Auditing Financial Statements Part IV: Auditing Cycles and Audit Completion
Learning Objectives
  • Identify different types of manual and electronic internal controls
  • Identify different types of fraud risks and controls
  • Discover approaches for assessing control risk
  • Discover testing approaches for internal controls
Last updated/reviewed: March 21, 2024
58 Reviews (252 ratings)

Reviews

5
Member's Profile
Nice refresher course on the basics of internal audit. Instructor was effective and to the point, always appreciate Blair's courses. A packet of the slides to follow along the presentation would be helpful for others in the future.

5
Anonymous Author
Internal controls are a very challenging area of the auditors work. manual controls are subject to human error and intervention, development of keen insight is necessary - Mr. Cook provides this insight

5
Member's Profile
Great course with plenty of detail. The building blocks of the courses and materials is a nice addition. The catch phrase at the end of each session is getting old though.

5
Member's Profile
Blair did it again. Another super course that hits all the right button. thanks again Blair, you are an awesome presenter. I highly recommend Blair's course. Larry

4
Anonymous Author
The course provides a great summary of items related to internal controls. The instructor provided a great summary and all the details are well presented.

4
Anonymous Author
This is a continuation of the course introduction to audit. This is very helpful for those needing help on Controls, working papers and Test of controls.

5
Anonymous Author
Great class with a fantastic instructor! The instruction on how the reliance on internal controls affect substantive testing was very interesting.

4
Anonymous Author
Overall good course. Maybe could have developed in more detail examples of testing internal controls over illustrative processes and procedures.

5
Anonymous Author
The instructor is very knowledgeable on the COSO Internal Control Framework. I especially enjoyed the discussion on small business risks.

5
Member's Profile
As is true for his other sessions, this has a tremendous amount of material which can be somewhat overwhelming. Good stuff, though.

5
Member's Profile
Very good discussion and outline of internal controls, and how they influence audit risk, and how fraud and fraud prevention work.

5
Member's Profile
Good refresher on internal controls/segregation of duties from auditor perspective - made me rethink some of our processes.

5
Anonymous Author
Course provides just enough detail to promote understanding but remains high-level enough to get the overall gist.

5
Anonymous Author
Great overall refresher course in this area and the instructor does a great job keeping the material interesting.

5
Member's Profile
Very knowledgeable. The course well laid out. Those starting out in audit would get the most from this course.

5
Anonymous Author
The background music was a bit annoying after a while. Nothing new on fraud investigation. Wouldn't recommend.

5
Member's Profile
No reference material except the glossary? Very informative. Gives great insight into developing controls.

5
Member's Profile
Good progression and organization of the materials and topics relating to internal controls and fraud.

5
Member's Profile
Another good course in the 4 part series. The small business assurance was very relevant to my work.

3
Member's Profile
good enough for the purposes of being able to satisfy my licensing requirements for the cia and cpa

5
Member's Profile
Once again great course. Each objective was explained in a clear and concise manner. Good Course

5
Anonymous Author
What you would expect for a foundation level course. The questions proved to be a nice refresher.

5
Member's Profile
Good refresher course to remind an internal auditor of the purposes of a lot of what we do.

5
Anonymous Author
Very informative course. Highly recommend to anyone who is in the accounting/audit field.

5
Anonymous Author
Another great course in Internal and Fraud control. It is very informative yet concise.

4
Member's Profile
Great course for a quick review over internal controls and fraud as relates to audit.

5
Anonymous Author
This was a very interesting course and the presenter explained the content very well!

5
Anonymous Author
good review of another audit fundamentals series. my thanks to the presenter.

5
Member's Profile
Was able to pass this without the training after so many times being audited.

5
Member's Profile
It was the course, which provides you a vise information with all impacts.

5
Member's Profile
I enjoy this instructors enthusiasm in the subject. Well worth the time.

5
Member's Profile
It was a great course and overview on the internal controls . Thanks!

3
Member's Profile
Decent coverage of intended topics. A good recap of subject matter.

4
Member's Profile
Helps with a good understanding of auditing financial statements

5
Anonymous Author
Nice refresher on IC and Fraud. Very easy to follow. Thank you!

3
Member's Profile
The Course was good, but I think the material was rather poor.

5
Anonymous Author
this course was clearly presented with lots of great examples

5
Anonymous Author
learned the most important concepts of audit in a short time

4
Member's Profile
Good course. Blair is consistent in all the audit classes.

4
Anonymous Author
Good introduction to internal controls and their testing.

5
Anonymous Author
A good review of Internal Controls and Fraud Controls.

5
Member's Profile
Good overview of Internal Controls and Fraud Controls

4
Anonymous Author
Great refresher course on internal controls.

4
Member's Profile
great summary with good level of detail

5
Anonymous Author
Great overview, but at lightning speed!

5
Anonymous Author
Auditing information clearly presented

4
Member's Profile
Good. Pdf file preferred than video.

5
Anonymous Author
Very good overview and refresher.

Anonymous Author
It doesn´t provide material.

4
Member's Profile
A very good review course.

5
Member's Profile
Another fun course.

5
Anonymous Author
Very good review.

5
Anonymous Author
very informative

4
Anonymous Author
very goo course

4
Member's Profile
Great content.

4
Anonymous Author
Good overview

5
Member's Profile
Good review

4
Member's Profile
none

Prerequisites
Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
Internal Controls and Fraud Controls
  Working Papers8:53
  Internal Controls 5:07
  COSO Internal Control Framework 10:30
  Assessing Internal Control Risk 3:45
  Testing Internal Controls 5:50
  Small Business Assurance Engagements 3:15
  Fraud Schemes 9:17
  Fraud Triangle 2:09
CONCLUSION
  Fraud Prevention and Detection 5:02
Continuous Play
  Auditing Financial Statements Part III: Internal Controls and Fraud Controls53:50
SUPPORTING MATERIALS
  Internal Controls and Fraud Controls GlossaryPDF
REVIEW & TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam