Description
This identifying, evaluating and communicating internal control deficiencies identified during the course of the financial statement audit.
Designed For
- Anyone who is new to auditing or desires a refresher in how to perform effective and efficient financial statement audits for non-issuers in accordance with professional and regulatory standards.
Objectives
- Describe how to properly satisfy the requirement to evaluate and communicate internal control matters noted during the course the financial statement audit
- Recognize considerations in properly categorizing internal control deficiencies as an inconsequential matter, significant deficiency, or material weaknessIdentify significant audit matters to communicate with those charged with governance
- Recognize ways for reporting entities to assume greater responsibility for internal control over financial reporting
Highlights
- Identifying & Evaluating Internal Control Deficiencies - Emphasizing the importance of identifying both design and operating effectiveness deficiencies during the course of the audit, and how to properly categorize deficiencies as inconsequential, significant or material
- Considering the Impact of Internal Control Deficiencies - The impact on the auditor's conclusions related to risk of material misstatement, sufficient appropriate audit evidence to support the financial statement audit opinion, and independence
- Communicating Internal Control Deficiencies to Those Charged with Governance - How to fulfill requirements in a way that emphasizes to the client the value and importance of giving proper dedication to understanding, consciously evaluating and concluding on an appropriate response to identified deficiencies
- Communicating Other Significant Audit Matters to Governance - What to communicate and when
- Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement