Assessing, and Reporting on Internal (COSO)
This one and one-half day course is designed for all auditors.
It provides an historical perspective of auditor involvement with internal control.
The course incorporates the May 14, 2013 COSO release, Internal Control-Integrated Framework (the new framework).
It identifies internal control and its five components:
- Control Environment
- Risk Assessment
- Control Activities
- Information and Communication
It carefully provides the participants with information about exactly what should be considered when obtaining and documenting a sufficient understanding of internal control.
The primary focus of the course is to describe how the auditor obtains the understanding and how he or she documents that understanding. Additionally, the auditor's professional assessment of internal control risk is described and discussed.
The internal control reporting process and the types of reporting on internal control is presented. Essential reporting issues for internal and external auditors are reviewed.
Participants will leave with an excellent understanding of internal control and the auditor's role with respect to internal control.
The course provides information that can be put to use immediately by those who wish to properly examine and report on their entity's internal control.
Participants will obtain valuable control assessment techniques that can be used to determine whether controls are adequate.
Additionally, participants will learn how to determine the nature, timing and extent of tests of controls, where needed, verification tests.
Category: Internal Control