Auditing internal controls for a government entity 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 also review the component evaluation of the internal controls and will discuss the difference between sampling and using data analytics to test populations. We will specifically address the government auditing standards as they relate to internal controls.
Publication Date: June 2021
Designed For
CPAs, CMAs, CGMAs, internal auditors, CIAs, external auditors, managers, CFOs and others responsible for internal controls.
Topics Covered
- A Review of Internal Control
- The COSO Framework for Internal Control
- Auditing Internal Control 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 the internal control standards in the Green Book
- Identify audit procedures for conducting an audit of internal controls
- Recognize in which form internal control documentation can be
- Describe internal control components often considered to be the most important part of the internal control framework
- Identify a risk response where no action is taken to respond to the risk based on the insignificance of the risk
- Identify the correct equation for audit risk
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Auditing (Governmental) (2 hours)
Program Prerequisites
Basic understanding of auditing and/or similar experience in auditing.
Advance Preparation
None
Instructor
Robert K Minniti
DBA, CPA, CFE, Cr.FA, CVA, MAFF, CFF, CGMA, PI
Dr. Minniti is the President and Owner of Minniti CPA, LLC. Dr. Minniti is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator in the state of Arizona.
Dr. Minniti received his doctoral degree in business administration from Walden University, received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Dr. Minniti taught graduate and undergraduate courses in forensic accounting at DeVry University, Grand Canyon University, Kaplan University, Northwestern University, and the University of Phoenix. He designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College.
He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, internal control development, business continuation planning, risk management, cyber security, privacy laws, data security, Sarbanes-Oxley compliance work and business consulting. In addition to his practice Dr. Minniti is an instructor teaching continuing professional education classes for a variety of providers and CPA Societies.
Dr. Minniti is currently serving as a board member on the National Association of Certified Valuators and Analysts' (NACVA) Litigation Forensics Board (LFB) and as a committee member on the Arizona State Board of Accountancy's Law Review Advisory Committee.