2024 The Role of Internal Control in the Risk-Based Audit
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Virtual
4.00 Credits
Member Price $129.00
Non-Member Price $159.00
Overview
This program explores the role of client internal controls for balancing efficiency and effectiveness in a risk-based audit. We offer practical insights regarding an auditor's assessment of the risk of material misstatement when auditing financial statements of non-issuers, with particular emphasis on internal controls of small-to-medium clients.
Highlights
- Specific matters auditors should consider when obtaining and documenting an understanding of the client's internal control system
- Development of a tailored audit approach that considers the potential reliance on internal controls
- Guidance for establishing an adequate basis for reliance on internal controls of less formal, smaller clients
Prerequisites
Basic working knowledge of financial statements
Designed For
CPAs in public practice or members in industry
Objectives
- Identify minimum understanding and documentation requirements if the auditor does not intend to rely on internal controls
- Recognize internal controls of less-sophisticated, small-to-medium sized audit clients
- Utilize identified internal controls for an efficient, risk-based approach to audits conducted in accordance with generally accepted auditing standards
- Document your procedures and related conclusions
Preparation
None
Non-Member Price $159.00
Member Price $129.00