Description

Properly designed and effectively operating internal control over financial reporting is critical for preventing, or detecting and correcting, material misstatement. This module will describe how to satisfy the audit requirements related to taking a control reliance strategy by testing the operating effectiveness of internal controls while promoting an effective and efficient financial statement audit.

Major Topics:

• Generally accepted audit requirements related to testing controls for operating effectiveness
• Identifying key controls that may prove effective and efficient to test in a control reliance strategy
• Responses when deviations are discovered when evaluating the design or operating effectiveness of internal control
• Leveraging audit evidence available through Service Organization Control (SOC1) Reports
• General computer control considerations when evaluating the design and operating effectiveness of internal control over financial reporting