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Course Details

Auditing Internal Controls (Course Id 1884)

Updated / QAS / Registry
This is a Course Preview, to take the course please select or purchase the course and click one of the Take Course icons on your My Courses page.

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Author : Colten Christensen, Author
Course Length : Pages: 31 ||| Word Count: 18,977 ||| Review Questions: 9 ||| Final Exam Questions: 15
CPE Credits : 3.0
IRS Credits : 0
Price : $26.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Technical Designation: Technical
Primary Subject-Field Of Study:

Auditing - Auditing for Course Id 1884

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 : 50690
Release : 2022
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 : 19-Feb-2024
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 - NASBA Registry - 1884

Keywords : Auditing, 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.
  • Identify the purpose of an audit committee.
  • Recognize the goals for internal controls.
  • Recognize the internal control framework used by most companies based in the United States.
  • Identify the interrelated components for an effective internal control system.
  • Recognize the purpose of identifying audit risk.
  • Recognize the difference between control deficiency, significant deficiency and material weakness.
Course Contents :

Chapter 1 - Auditing Internal Controls

Course Learning Objectives

Definition of Internal Controls

Internal Auditors Effects on Controls

AU 322.9 Competence of the Internal Auditors

AU 322.10 Objectivity of the Internal Auditors

AU 322 .11

Creation of an Audit Committee

Organizations with Different Internal Controls

Financial Reporting Reliability

Operation Efficiency

Law Compliance

AU Section 110.03

Providing Reasonable Assurance

AU Section 110.02

Auditing Standard No. 5

There are Inherent Limitations

Designing Internal Control

Internal Control Effectiveness

Standards for Financial Audits

Financial Statement Reliability

Classes of Transactions Controls

Auditor Responsibilities for Testing Internal Control

Internal Control Components

Control Environment

Organizational Ethical Values and Integrity

Commitment to Competence

Obtaining Written Representations

The Styles of Management

Organizational Structure

Human Resource Policies and Practices

Assessing Risk

Audit Risk

Control Activities

Segregation of duties


Separation of the Custody of Assets from Accounting

Separation of the Authorization of Transactions from the Custody of

Separation of Operational Responsibility from Record-Keeping Responsibility

Separation of IT Duties from User Departments

Transaction Authorization for Sufficiency

Adequate Documents and Records

Physical Control Over Assets and Records

Independent Checks on Performance

Information and Communication

Monitoring

Understanding and Evaluation of Internal Accounting Controls

Internal Control Questionnaires

Update and Evaluate Auditor's Previous Experience with the Entity

Make Inquiries of Client Staff

Examine Documents and Records

Observe Activities and Daily Operations

Narratives

Flowcharts

Walk-through

Control Risk Assessment

Identify Audit Objectives

Identify Existing Controls

Communications to Those Charged With Governance

Management Letters

Test of Controls

Purpose of Tests of Controls

Make inquiries ofappropriate client personnel

Examine documents, records, and reports

Observe control-related activities

Reperform client procedures.

Extent of Procedures

Tests of Controls and Procedures to Obtain and Understanding

Decide Planned Detection Risk and Design Substantive Tests

Internal Control Reports

Opinion Based Upon an Audit of the Internal Control System

Section 404 Reporting Requirements

Audit Report on Internal Control Example

Evaluation of Internal Controls

Glossary

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