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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.
Last updated/reviewed: July 03, 2020

1 Review (4 ratings)Reviews

5
Anonymous Author
Pretty good rundown of the topic. Slides could look more professional.

Prerequisites

Course Complexity: Foundational

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
  1:08Introduction to Understanding Key Controls for Risk of Material Misstatement Accounts
  8:59Risk Assessment
  2:37RMM Accounts
  7:48Relevant Assertions
  5:39Controls and Control Risk
  1:12Key Controls
  7:20D.I.E. Method
  7:30Control Vs A Process
  3:10Testing Controls
  1:50Summary
CONTINUOUS PLAY
  47:13Understanding Key Controls for Risk of Material Misstatement Accounts
SUPPORTING MATERIAL
  PDFSlides: Understanding Key Controls for Risk of Material Misstatement Accounts
  PDFUnderstanding Key Controls for Risk of Material Misstatement Accounts Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM