This course describes the importance of internal controls and the purpose of audit committee, review the goals for internal controls and discusses the internal control framework used by most companies based in the United States, describes the interrelated components for an effective internal control system, discusses the importance of identifying audit risk and covers the difference between control deficiency, significant deficiency, and material weakness.

Learning Objectives

  • Identify the purpose of internal controls.
  • Identify the purpose of an audit committee.
  • Recognize the goals for internal controls.
  • Recognize the internal control framework used by most companies based in the United States.
  • Identify the interrelated components for an effective internal control system.
  • Recognize the purpose of identifying audit risk.
  • Recognize the difference between control deficiency, significant deficiency and material weakness.
Last updated/reviewed: November 18, 2020

4 Reviews (20 ratings)Reviews

4
Anonymous Author
This course was very interesting and learned quite a bit as a lot of this was new information for me. I liked the detailed explanations and I believe most people going into accounting would benefit from this course.
4
Anonymous Author
Presentation PDF and video out of synch. Basically read the PDF. Info was well laid out. Each section had thorough analysis. Gave good insight to the auditing process, viewpoint, goals.
5
Member's Profile
Good course and well presented. Excellent review or good course for beginning personnel.
5
Member's Profile
Elaborate materials and direct content. Video and slide deck were good.

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

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
  2:09Introduction to Auditing-Evaluation of Internal Controls
LESSON 1
  8:40Internal Controls
  9:40Internal Controls Vary by Organization
LESSON 2
  10:54Reasonable Assurance
  6:59Inherent Limitations
  5:58Effectiveness of Internal Controls
LESSON 3
  5:44Reliability of Financial Reporting Controls
  13:33Internal Control Components
LESSON 4
  10:48Audit Risk
  10:43Control Activities
LESSON 5
  9:59Physical Control Over Assets and Records
  12:04Understanding and Evaluation of Internal Accounting Controls
LESSON 6
  11:44Assess Control Risk
  9:10Assess Control Risk Cont'd
LESSON 7
  9:38Extent of Procedures
  6:48Sec 404 Reporting Requirements
CONTINUOUS PLAY
  2:05:14Auditing - Evaluation of Internal Controls
SUPPORTING MATERIAL
  PDFSlides: Auditing - Evaluations for Internal Controls
  PDFAuditing - Evaluations for Internal Controls Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM