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COSO's Updated Internal Control – Integrated Framework: Critical Concepts in Design, Evaluation, Imp
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Technological advances, increased regulatory scrutiny, globalization, and other challenges have caused entities and auditors to struggle with proper consideration of the cost-benefit of internal controls, recognizing that a well-designed system does not have to prevent or detect all internal control deficiencies – just ones that matter most to the entity's objectives. This course provides practical guidance on what a sound system of internal controls "looks like" and its impact on the financial

5/12/2015
When: 5/12/2015
7:00 AM - 3:00 PM
Where: Webcast/Webinar
Presenter: Jen Louis, CPA
Contact: April Deneault
801-834-6634


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Technological advances, increased regulatory scrutiny, globalization, and other challenges have caused entities and auditors to struggle with proper consideration of the cost-benefit of internal controls, recognizing that a well-designed system does not have to prevent or detect all internal control deficiencies – just ones that matter most to the entity's objectives. This course provides practical guidance on what a sound system of internal controls "looks like" and its impact on the financial statement audit, particularly for smaller entities.

 

Objectives:

* Describe important internal control concepts, including identifying "key controls" in a "top-down" approach to evaluating the design & implementation of internal control over reliable financial reporting * Discuss the difference between evaluating "design and implementation" and "operating effectiveness" * Explain differences between "material weakness" and "significant deficiency" regarding internal control over reliable financial reporting


 

Major Subjects:

* Differences between the 1992 version of the framework and the 2013 COSO guidance * The evolution of internal controls theory and practice, including emerging guidance specific to smaller entities * Key components of internal control per the COSO Integrated Framework, and the role each plays in the design and operating effectiveness of internal control over reliable financial reporting * Comparing and contrasting specific types of internal controls * The critical role of information technology (IT) controls in reliable financial reporting, including both general and application controls * Gaining an understanding of an entity’s design of internal controls * Evaluating design/implementation of an entity’s design on internal controls (& impact on assessment of risk of material misstatement) * Testing controls for operating effectiveness and determining the appropriateness of the nature, timing, and extent of control testing * Evaluating the results of tests of controls, including the impact on the nature, timing and extent of substantive audit procedures * Considerations related to the use of outside service organizations * Differentiating an external auditor’s responsibilities depending on the professional standards being followed * Evaluating/communicating deficiencies in internal controls


 

Designed For:

Accountants responsible for designing, evaluating, and/or monitoring internal controls over financial reporting

 

Prerequisite: 

Experience with designing, evaluating, or monitoring internal controls

 

Advanced Prep: None

  

Speaker: Jen Louis, CPA

Vendor: Surgent McCoy

Field of Study: Accounting & Auditing

Level: Intermediate

CPE Credit: 8 Hours

Acronym: UICF

 

Registration Fees:

$219

 


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