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.

Designed For

Professionals responsible for evaluating the design and implementation of internal control

Objectives

• Recall the evolution of internal control through the decades 
• Recognize 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 environment
• Explain important varying audit considerations, such as Sarbanes-Oxley, Government Auditing Standards, and Single Audit Act requirements

Major Subjects

Evolution of internal control concepts 

• Revamped 2013 COSO Internal Control – Integrated Framework 
• Designing an adequate ‘umbrella’ of internal controls over financial reporting to prevent, or detect and correct, material misstatement due to fraud or error 
• Specific internal control considerations and sample documentation for smaller entities 
• Additional responsibilities for the audits in accordance with the Sarbanes-Oxley Act, Government Auditing Standards and Single Audit Act