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Professional and regulatory audit standards require communication of internal control matters noted in a financial statement audit. This assists management and those charged with governance with satisfying responsibilities for designing, implementing, maintaining, and monitoring internal controls. In addition, in order to retain existing clients, lower fee pressures, and gain invaluable referral sources, financial statement auditors must place a priority on being a value-added business advisor. This module will help the auditor with understanding how to improve required internal control communications to be more value-added from the perspective of the client.

Major Topics:

  • The required communication of internal control matters noted on an audit
  • Evaluating the severity of identified deficiencies, including consideration of qualitative considerations
  • Importance of placing a priority on being a value-added business advisor
  • Anticipating and preventing internal control issues related to reliable financial reporting, operational efficiency or compliance
  • Components of a well-written internal control comment
  • Better writing tips and techniques

 

Learning Objectives

  • Discover and discuss what, when, and to whom to communicate identified deficiencies in internal control during the financial statement audit.
  • Recognize and describe how to categorize the severity of identified deficiencies.
  • Explore and explain how to draft written communications in a way that will increase the likelihood of corrective action.
  • Discover and describe the importance of making value-added business advice to clients a priority.
  • Explore and explain how to anticipate and prevent issues that could negatively impact clients.
Last updated/reviewed: June 7, 2021

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Level 4 - Supervisor/Manager

  1. Audit Quality Control - Avoiding Peer Review Deficiencies
  2. Internal Control Deficiencies and Other Matters - Adding Value Through Required Auditor Communications
  3. Auditing Impairment of Long-Lived Assets, Including Goodwill - Identifying and Calculating Impairment Losses
  4. Maximizing Analytic Procedure Evidence - Adding Value Through Useful Financial Statement Analysis
  5. Accounting Estimates, Including Fair Value - Evaluating the Propriety of Areas with Uncertainty
  6. Special Audit Considerations - Comprehending Requirements of Group Audits, Compliance Audits, Using the Work of a Specialist or Others, and More!
  7. The Art of Discipline and Getting Things Done - Applying Better Time, Team, and Project Management Techniques
  8. Management Skills - Exhibiting Traits of a Balanced Leader-Manager
  9. Personality Styles - Adapting to Different Types of Personalities for Improved Relationships and Interactions
  10. Making Rain - Improving Success with Retaining Clients and Attracting Prospects
  11. General Ethics for Business Professionals
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services

Prerequisites

Course Complexity: Intermediate

Prerequisite: Experience on complex audit engagements.
Designed For: Accountants who are responsible for drafting internal control-related matters noted in an audit.

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
  1:23Learning Objectives for Internal Control Deficiencies and Other Matters
  8:21Introduction
  13:39Evaluating the Severity of Identified Deficiencies
  12:55Evaluating the Severity of Identified Deficiencies Cont'd
  6:39Exercise-Evaluating the Severity of Identified Deficiencies
  8:23Who, How AND When to Communicate
  7:04Elements of A Communicated Deficiency
  5:51Elements of Written Communication
  10:16Focus on Being Value-Added in Communication
  8:25Focus on Being Value-Added in Communication Cont'd
  6:50Putting the Client at the Center of The Table
  9:45Better Writing Tips
CONTINUOUS PLAY
  1:39:30Internal Control Deficiencies and Other Matters
SUPPORTING MATERIAL
  PDFSlides: Internal Control Deficiencies and Other Matters - Adding Value Through Required Auditor Communications
  PDFInternal Control Deficiencies and Other Matters - Adding Value Through Required Auditor Communications Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM