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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: November 10, 2017

39 Reviews (175 ratings)Reviews

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
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
Member's Profile
Very knowledgeable. The course well laid out. Those starting out in audit would get the most from this course.
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
Good refresher course to remind an internal auditor of the purposes of a lot of what we do.
4
Member's Profile
Great course for a quick review over internal controls and fraud as relates to audit.
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.
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.
4
Member's Profile
Good course. Blair is consistent in all the audit classes.
4
Member's Profile
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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
Internal Controls and Fraud Controls
  8:53Working Papers
  5:07Internal Controls
  10:30COSO Internal Control Framework
  3:45Assessing Internal Control Risk
  5:50Testing Internal Controls
  3:15Small Business Assurance Engagements
  9:17Fraud Schemes
  2:09Fraud Triangle
CONCLUSION
  5:02Fraud Prevention and Detection
Continuous Play
  53:50Auditing Financial Statements Part III: Internal Controls and Fraud Controls
SUPPORTING MATERIALS
  PDFInternal Controls and Fraud Controls Glossary
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM