Obtaining an Understanding of Internal Control

Overview

Gain a basic understanding of internal control and how it relates to risk assessment through the lens of a financial statement auditor - insightful for entity management and internal auditors.

Understand internal control
Understand internal control in risk assessment as required by GAAS. Gain an overview of internal control and related key aspects so that you recognize auditor and management roles and responsibilities related to internal control and procedures involved in understanding an entity’s internal control in a risk assessment.

Course Instructor: Renee Rampulla

Highlights

Various definitions and aspects of internal control, including separation of duties and safeguarding of assets

Key aspects of internal control from various organizations, such as COSO, SEC, and PCAOB

Factors to consider, for example, industry, regulation, and nature of the entity

Risk assessment procedures, namely inquiry, analytical procedures, and observation and inspection, as well as brainstorming

Prerequisites

None

Designed For

Financial statement auditors

Internal auditors

Entity management involved in financial statement audits

Objectives

Recognize the importance of understanding internal control.
Recall factors and procedures that an auditor should consider when obtaining an understanding of the entity and its environment, including internal control.
Recall definitions and key aspects of internal control from various organizations.

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by AICPA. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.