Event Description

Professional and regulatory audit standards require communication of internal control matters noted in a financial statement audit. This assists management and those charged with governance with satisfying responsibilities for designing, implementing, maintaining, and monitoring internal controls. In addition, in order to retain existing clients, lower fee pressures and gain invaluable referral sources, financial statement auditors must place a priority on being a value-added business advisor. This module will help the auditor with understanding how to improve required internal control communications to be more value-added from the perspective of the client.

Objectives

Discuss what, when, and to whom to communicate identified deficiencies in internal control during the financial statement auditDescribe how to categorize the severity of identified deficienciesExplain how to draft written communications in a way that will increase the likelihood of corrective actionDescribe the importance of making value-added business advice to clients a priorityExplain how to anticipate and prevent issues that could negatively impact clients