Event Description

Internal controls are applied within an organization to satisfy objectives related to operations, compliance, and financial reporting. This module will provide practical analysis and tips for how a reporting entity can manage financial reporting risk in an effective and efficient way. This module will also differentiate the auditor’s responsibilities for internal controls under Sarbanes Oxley, Government Auditing Standards and Single Audit Act requirements.

Objectives

Recall the evolution of internal control through the decadesRecognize the revamped 2013 COSO Internal Control – Integrated Framework, including how the various components and principles interrelate to form a strong system of internal control over reliable financial reporting Identify special considerations for internal controls in a smaller-entity environmentExplain important varying audit considerations, such as Sarbanes-Oxley, Government Auditing Standards, and Single Audit Act requirements