Hands on Guide to Understanding and
Testing Internal Control

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With the issuance of the AICPA risk assessment SASs, auditors have no choice but to better understand internal controls in order to assess the design of controls and determine if they have been implemented.   This course will provide the auditor of small to midsize entities with tips, tools and techniques to efficiently document controls and to determine where it is either necessary or more efficient to test them. In addition, the program will illustrate how to test internal controls efficiently at the financial statement and assertion level.

Designed For

• Audit practitioners working on audits of non-public companies

• Accountants in industry who want to improve the level of their entity’s internal controls

Objective
Participants will be able to:

• Understand the five COSO elements of internal control

• Understand the difference between understanding and testing internal controls

• Document the understanding of internal controls at the appropriate level

• Test and document the results of tests of internal controls

• Issue a SAS 112 report

COSO Framework…  COSO Guidance for smaller companies…   Understanding the design of controls at the company level and at the financial statement assertion level with an emphasis on manual control activities…   Determining whether controls have been implemented…  Effective and efficient tests of controls…  Dual purpose tests...  Documentation techniques...  SAS 112 reporting requirements…  Sample SAS 112 and management letter comments and recommendations.

Presentation Method:  Lecture, case studies, and discussion questions.

Level of Knowledge:  Intermediate

Prerequisites: None

Recommended CPE Credit:  8 hours

Field of Study: Auditing

Advance Preparation:  None

Availability Date:  5/1/2008

Author(s): Margaret Thomas, CPA, MHA

Qualifies for 24 hour Yellow Book requirement.  Determination as to the qualification of certain courses for the Yellow Book 24 hour requirement should be made on an auditor specific basis depending on that auditor’s Yellow Book clients.   Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm.

It is recommended that this course not be scheduled back to back with “Changing Your Audit Strategy for the Risk Assessment Standards”, “Not-for-Profit Auditing Made Easy” or the four hour module “Changing Your Firm’s Audit Approach – Understanding the Risk Assessment Standards.”