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Accounting Internal Controls (Course Id 2162)

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Author : Colten Christensen, Author
Course Length : Pages: 24 ||| Word Count: 13,804 ||| Review Questions: 6 ||| Final Exam Questions: 10
CPE Credits : 2.0
IRS Credits : 0
Price : $17.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 2162

Description :

Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Usage Rank : 0
Release : 2023
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 06-Jun-2023
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - Technical - NASBA Registry - 2162

Keywords : Accounting, Accounting, Internal, Controls, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

At the end of this course, students will be able to:
  • Identify the purpose of internal controls.
  • Recognize the goals for internal controls.
  • Recognize the role that internal controls play for the accuracy of financial statements.
  • Recognize the reasonable assurance and inherent limitations for internal controls.
  • Identify the components of an effective internal control system.
  • Recognize the purpose of risk assessment for internal controls.
Course Contents :

Chapter 1 - Accounting Internal Controls

Course Learning Objectives

Internal Controls

Internal Control Purpose

Internal Controls Vary by Organization

Reliability of Financial Reporting

Efficiency of Operations

Compliance with Laws and Regulations

AU Section 110.03

Reasonable Assurance

AU Section 110.02

Auditing Standard No. 5

Inherent Limitations

Internal Control Design

Effectiveness of Internal Controls

Standards for Financial Audits

Internal Control—Integrated Framework

Control Environment

Organizational Ethical Values and Integrity

Management Operating Style and Practices

Organizational Structure

Human Resource Policies and Practices

Risk Assessment

Control Activities

Segregation of duties

Separation of the Custody of Assets from Accounting

Separation of the Authorization of Transactions from the Custody of Related Assets

Separation of Operational Responsibility from Record-Keeping Responsibility

Separation of IT Duties from User Departments

Transaction Authorization

Adequate Documents and Records

Physical Control Over Assets and Records

Independent Checks on Performance

Information and Communication


Limitations of Internal Control

Cash Controls Over Receipts and Payments

Internal Controls for Cash

Control of Cash Payments

Internal Controls for Payroll Systems

Bank Statement Reconciliation

Financial Statement Reporting of Cash


CPE Accounting Course: https://www.cpethink.com/accounting-cpa-courses
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