Internal controls are applied within an organization to satisfy objectives related to operations, compliance, and financial reporting. This module will provide practical analysis and tips for how a reporting entity can manage financial reporting risk in an effective and efficient way. This module will also differentiate the auditor’s responsibilities for internal controls under Sarbanes Oxley, Government Auditing Standards and Single Audit Act requirements.

Major Topics:

  • Evolution of internal control concepts
  • Revamped 2013 COSO Internal Control – Integrated Framework
  • Designing an adequate ‘umbrella’ of internal controls over financial reporting to prevent, or detect and correct, material misstatement due to fraud or error
  • Specific internal control considerations and sample documentation for smaller entities
  • Additional responsibilities for the audits in accordance with the Sarbanes-Oxley Act, Government Auditing Standards and Single Audit Act requirements

 

Learning Objectives
  • Discuss the evolution of internal control through the decades.
  • Describe the revamped 2013 COSO Internal Control-Integrated Framework, including how the various components and principles interrelate to form a strong system of internal control over reliable financial reporting.
  • Identify special considerations for internal controls in a smaller-entity environment.
  • Explain important varying audit considerations, such as Sarbanes-Oxley, Government Auditing Standards, and Single Audit Act requirements.
Last updated/reviewed: August 9, 2023

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Certification - Level 3 - In-Charge/ Senior

  1. Fraud Trends - Applying Real-life Lessons to Small and Mid-Size Entities
  2. Reviewing Workpapers - Embracing Responsibilities for Quality Control
  3. Advanced Audit Planning Concepts - Ensuring an Effective and Efficient Audit
  4. Internal Controls to Mitigate Financial Reporting Risk - Designing Stronger Internal Controls for Small or Mid-Size Entities
  5. Auditing Revenue Recognition - Grasping the Higher Risks and Special Audit Considerations
  6. Auditing Contingencies and Going Concern Uncertainty - Testing for Completeness and Proper Disclosure
  7. Audit Reporting Advanced Concepts - Understanding the Impact of General Audit Procedures on Disclosures and Audit Report Modifications
  8. Critical Traits of a Thinking Auditor - Stretching Experienced Auditors Beyond the Basics
  9. Client and Engagement Management - Managing the Black Holes that Erode Profitability
  10. Supervisor Skills - Coaching Staff to Stay on the Right Track
  11. Professional Ethical Considerations for CPAs
  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
9 Reviews (35 ratings)

Reviews

5
Member's Profile
The presentation and detailed material was very clear. The core concepts were covered brilliantly.
5
Member's Profile
Well-designed course with relevant information. The materials supported the exam sufficiently.
5
Anonymous Author
This course was well put together and depth of coverage of concepts was was planned out.
4
Anonymous Author
Enjoyed reviewing the COSO internal control framework and reading the case studies.
5
Anonymous Author
Great course on how to better understand internal control and auditing standard.
5
Member's Profile
A lot of good information around internal controls presented well.
5
Member's Profile
An interesting presentation for me. Great topic as well.
5
Anonymous Author
This was an informative course and very well presented.
5
Member's Profile
Jennifer's course on internal controls was excellent.
Prerequisites
Course Complexity: Intermediate

Prerequisite: Experience on basic audit engagements.
Designed For: Accountants who are responsible for evaluating the design or internal controls on financial statement audits, including audits in conformance with various compliance requirements.

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 Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Learning Objectives and Introduction to Internal Controls to Mitigate Financial Reporting Risk4:26
  Evolution of Internal Control8:48
  Overview of COSO Internal Control Integrated Framework17:31
  Applying COSO Internal Control-Integrated Framework Concepts to Smaller Entities9:44
  Case Study-Smaller Entity Internal Control Documentation13:59
  Case Study Cont'd13:30
  Case Study Cont'd19:11
  PCAOB Integrated Audits14:04
CONTINUOUS PLAY
  Internal Controls to Mitigate Financial Reporting Risk1:41:13
SUPPORTING MATERIAL
  Slides: Internal Controls to Mitigate Financial Reporting Risk PDF
  Internal Controls to Mitigate Financial Reporting Risk Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam