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Author: |
Andrew Clark, EA |
Course Length: |
Pages: 31 ||| Word Count: 13,955 ||| Review Questions: 6 ||| Final Exam Questions: 10 |
CPE Credits: |
2.0 |
IRS Credits: |
0 |
Price: |
$17.95 |
Passing Score: |
70% |
Course Type: |
Text |
Technical Designation: |
Technical |
Field Of Study: |
Accounting |
Approved Audience: |
NASBA QAS - NASBA Registry |
Key Takeaways: |
This course describes the importance of internal controls in accounting and the purpose of the audit committee, and its fraud CPE credits satisfy the California Board of Accountancy fraud requirement.
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Frequently Asked Questions: |
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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. Please Note: These Fraud CPE credits satisfy the California Board of Accountancy (CBA) fraud requirement. |
Usage Rank: |
50870 |
Release: |
2024 |
Version: |
1.0 |
Prerequisites: |
None. |
Experience Level: |
Overview |
Additional Contents: |
Complete, no additional material needed. |
Additional Links: |
Internal Controls in Accounts Payable (Course Id 526)
Internal: Effective Internal Controls for Small Businesses
External: Internal control - Wikipedia article defining internal control, components like COSO framework, objectives, etc.
External: Internal Controls: Definition, Types, and Importance
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Advance Preparation: |
None. |
Delivery Method: |
QAS Self Study |
Intended Participants: |
Anyone needing Continuing Professional Education (CPE). |
Revision Date: |
17-Aug-2026 |
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. |
Keywords: |
Accounting Internal Controls - by Andrew Clark - CPE course for CPAs |
Learning Objectives: |
Course Learning ObjectivesAt the end of this course, students will be able to:
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Course Contents: |
Chapter 1 - Accounting Internal Controls Course Learning Objectives Introduction Internal Controls Internal Control Purpose Internal Controls Vary by Organization Reliability of Financial Reporting Efficiency of Operations Compliance with Laws and Regulations Reasonable Assurance AU Section 110.03 AU Section 110.02 Inherent Limitations Auditing Standard No. 5 Internal Control Design Effectiveness of Internal Controls Standards for Financial Audits Review Questions Part 2 - Internal Control—Integrated Framework 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 Monitoring 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 Review Questions Glossary |
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