|Author :||Jae K. Shim, Ph.D., CPA|
|CPE Credits :||9.0|
|IRS Credits :||0|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Accounting - Accounting for Course Id 689
Internal Control and Fraud Detection covers the essential tools you need to perform internal-control related services. It will take you through your clients’ responsibility to design and implement programs and controls to prevent, deter, and detect fraud. It touches on internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act — “Enhanced Financial Disclosures, Management Assessment of Internal Control” — which mandates sweeping changes. Additionally Section 404, in conjunction with the related SEC rules and Auditing Standard (AS) No. 5, An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements), established by the Public Company Accounting Oversight Board (PCAOB), requires that the management of a public company and the company’s independent auditor issue two new reports at the end of every fiscal year. These reports must be included in the company’s annual report filed with the Securities and Exchange Commission (SEC).
|Usage Rank :||0|
|Experience Level :||Overview|
|Additional Contents :||Complete, no additional material needed.|
|Additional Links :|
|Advance Preparation :||None.|
|Delivery Method :|
|Intended Participants :||Anyone needing Continuing Professional Education (CPE).|
|Revision Date :||06-Feb-2016|
|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 - NASBA Registry - 689
|Keywords :||Accounting, Internal, Control, Fraud, Detection, cpe, cpa, online course|
|Learning Objectives :||
• Identify the stages in the audit process.
• Understand the audit control environment.
• Identify what the internal audit report involves.
• Identify the implication and significance of the Sarbanes-Oxley Act.
• Recognize what is meant by “internal control over financial reporting" in accordance with Section 404 of Sarbanes-Oxley.
• Differentiate between the new reporting model and historical reporting
• Recognize management’s antifraud programs and controls and the risk factors included in AU 240.
• Identify risk factors relating to misstatements arising from fraudulent financial reporting.
• Recognize some of the risk factors that could ultimately lead to misappropriation of assets.
• Recognize some of the techniques for fraud prevention.
• Recognize discovery sampling.
• Recognize the difference between auditing and fraud examination.
• Identify items of forensic accounting and auditing.
• Recognize some of forensic accountants’ investigation procedures.
• Identify different fraud symptoms.
• Identify different tools and technology used in forensic accounting and fraud detection.
|Course Contents :||