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: May 12, 2022

23 Reviews (109 ratings)Reviews

3
Member's Profile
Content was ok but the instructor was clearly reading off a script, so it wasn't as enjoyable as some of the other courses on Illumeo. There are also some grammatical errors in the final exam questions which made it a bit confusing.
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
course was good with a lot of useful information, although there appears to be grammatical errors in the review quiz, final exam and slides that made the questions hard to read/understand was being asked
5
Anonymous Author
This was an extremely helpful course that provided very useful information. The course was very easy to follow and provided great detail on the topic. I would recommend this course to others.
5
Member's Profile
I really enjoyed this course. It was a great overview; not too in depth, but just enough for a good overview of internal controls. Would recommend to anyone no matter your experience level.
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.
4
Member's Profile
Overall the course was good. The slides were out of sync so used the pdf during the training. Some of the questions could have been worded a little bit better but overall good course.
4
Anonymous Author
Good information, but the presentation was not very professional. The constant background noises with the microphone being moved or hit were very distracting and frankly annoying.
5
Member's Profile
Very well structured. The course materials provided a great overview of the topic and very clear. The pace allowed for a proper understanding of the topic.
4
Member's Profile
The exam questions were very poorly written - it was hard to understand what the question was to be able to select the correct answer.
5
Anonymous Author
This was a great course on the evaluations for internal controls and the presenter went into great detail in each of the areas.
4
Anonymous Author
Great refresher course for internal controls. Nice to see topics such as COSO, flowcharts, narratives, etc.
5
Anonymous Author
Good explanation, examples, along with a fast pace that covers all required concepts of auditing.
5
Member's Profile
Good course and well presented. Excellent review or good course for beginning personnel.
5
Anonymous Author
In overall, the information included in the handouts was clear to understand the course.
4
Member's Profile
Good class. Good review of the fundamentals and a refresher for accountants.
5
Member's Profile
Elaborate materials and direct content. Video and slide deck were good.
4
Member's Profile
Very good refresh and summary about auditing and internal controls.
5
Member's Profile
Very informative and in depth presentation. Lots of information.
5
Anonymous Author
Detailed course laying out the fundamentals of internal controls
4
Anonymous Author
Good content. Some exam questions need to be written better.
2
Anonymous Author
Just read the slides. Slides were wordy and overlapped a lot.
5
Member's Profile
Good course, good questions. I enjoyed this cours.

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 .

1 QuestionCourse Questions and Answers

Member's Profile

Nice course. BTW- One of the exam questions is improperly worded. I figured you would want to know.

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