Auditing Bits in Bytes™ Session 7: Identifying, Evaluating and Communicating Internal Control Deficiencies
This identifying, evaluating and communicating internal control deficiencies identified during the course of the financial statement audit.
Format
Online
NASBA Field of Study
Auditing
Level
Basic
CPE Credits
2
Author(s)
Jennifer Louis
Availability
1 year
Product Number
BLI341235
Auditing Bits in Bytes™ - A Practical Break-Down of "Real World" Best Practices Applied in Highly Successful Audits is a series of eight individual sessions that guide professionals through the complete audit process from "A to Z" -- starting with Pre-Engagement Planning Activities, and going all the way through Wrap-up and Quality Control. Attempting to perform an effective and efficient audit can be intimidating and confusing, for new and experienced auditors alike. This series will provide valuable tips and techniques from an experienced auditor that are needed to successfully design and perform financial statement audits in "real-life" circumstances. 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.
This 2-hour session focuses on how to properly fulfill the requirements for identifying, evaluating and communicating internal control deficiencies identified during the course of the financial statement audit.
- 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.
- 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
- 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
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