Event Description

Properly designed and effectively operating internal control over financial reporting is critical for preventing, or detecting and correcting, material misstatement. This module will describe how to satisfy the audit requirements related to taking a control reliance strategy by testing the operating effectiveness of internal controls, while promoting an effective and efficient financial statement audit.

Objectives

• List generally accepted audit requirements related to testing controls for operating effectiveness
• Explain how to evaluate the results of a control reliance test for operating effectiveness
• Recall the use of Service Organization Control (SOC1) Reports on a financial statement audit
• Identify the impact of a control reliance strategy on the detailed audit plan