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COSO's Updated Internal Control -- Integrated Framework: (UICF)
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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

9/2/2015
When: 9/2/2015
7:00 AM - 3:00 PM
Presenter: Jen Louis, CPA

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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: Auditing (8)

 

Level: Intermediate

 

CPE Credit: 8 Hours

 

Acronym: UICF

 

Registration Fees: $219.00

 

 

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