This introductory course takes a deep look into understanding key controls and how they link to your assessed risks of material misstatement. We will briefly cover risk assessment and the determination of the risk of material misstatement. Then, the class will dive deep into the understanding of controls and how the linkage of key controls to the risk of material misstatement at the relevant assertion is important for your audits.
Many times, an audit will have an internal control walkthrough without really addressing the key controls for the assessed risks of material misstatement. This class will use examples to show a way of distilling these walkthroughs into identifying those internal controls and how they address risks at the relevant assertion level.
The goal at the end of this course is to help you identify the key controls in your audits, to better refine your audit approach and have a more efficient audit while improving your quality.
Course Key Concept: Audit, Relevant Assertion, Internal Control, Control walkthrough, controls, IC, COSO, Assertion, Key Control, RMM, material misstatement, efficiency, quality, risk assessment.
Learning Objectives
- Recognize Key Controls.
- Explore the linkage between Relevant Assertion and Key Control.
- Identify the difference between a control and a process.
- 1. Advanced ChatGPT for Accountants
- 2. Auditing Revenue Recognition - Grasping the Higher Risks and Special Audit Considerations
- 3. Preparing to be a Forensic Accountant: Focus on Document Review and Handwriting Analysis
- 4. ChatGPT and the ELI5 Approach for Accounting Professionals
- 5. The Controllership Series: The Controllers Role in the Procurement Function
- 6. Analyzing Whether to Add New Locations - Capital Budgeting (Text Based Course)
- 7. Goodwill Impairment Testing (Text Based Course)
- 8. Accounting Fraud (Text Based Course)
- 9. CARNIVAL: RAAS Audit Planning & Fieldwork Training
- 10. Information Technology Audit Summary
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Prerequisites
No advanced preparation or prerequisites are required for this course.