An important internal control procedure includes both evaluating the design and implementation of internal controls, which is required on all financial statement audit engagements. An important internal control consideration includes whether to test the operating effectiveness of controls for control reliance, which should be considered as part of the risk assessment procedures to properly evaluate audit risk. Internal control is one of the most commonly misunderstood and misapplied aspects of the financial statement audit process, particularly given the recent significant changes in auditing standards. Mistakes in this area have the greatest likelihood of being identified as deficiencies in peer or regulatory review, but also directly impact audit efficiency.
This course is being offered by a 3rd party vendor and will not be accessible on your My CPE page. Webinar access information will be emailed directly to you by Surgent McCoy.