Intermediate Staff Training: Auditing Internal Controls

Author: Robert K Minniti

Auditing internal controls is more subjective than auditing other areas of a client. There is no “one size fits all” set of internal controls. This course reviews the COSO Framework for Internal Control and discusses auditing a client’s internal controls. From conducting walkthroughs to hypothesis testing we will review the various aspects of auditing and evaluating internal controls. This course will review the component evaluation of the internal controls and will discuss the difference between sampling and using data analytics to test populations.

Publication Date: February 2023

Designed For
CPAs, CMAs, CGMAs, internal auditors, CIAs, external auditors, managers, CFOs and others responsible for revenue recognition decisions.

Topics Covered

• A Review of Internal Control
• The COSO Framework for Internal Control
• Auditing Internal Controls Components
• Auditing Internal Controls: Relying on the Internal Auditor's Work
• Audit Sampling
• Evaluating Internal Controls

Learning Objectives

• Identify the COSO Framework for Internal Control
• Identify audit procedures for conducting an audit of internal controls
• Recognize who is responsible for designing effective internal controls and ensuring that they are monitored and operating effectively
• Recognize how to evaluate internal controls
• Recognize how to differentiate between sampling and using data analytics to test populations

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
Completion of the Introduction to Auditing webinar or similar experience in auditing.

Advance Preparation
None