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
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.