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The Green Book: Standards for Internal Control - Yellow Book Series (Course Id 1549)

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Author : Leita Hart-Fanta, CPA
Status : Production
CPE Credits : 7.0
IRS Credits : 0
Price : $90.00
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Auditing (Governmental) - Auditing (Governmental) for Course Id 1549

Description :

The GAO’s Green Book sets standards for internal controls that align with the most popular control model in the United States, the COSO model. In this course, we use a simple case study to build controls from scratch.  Along the way, we learn the five components of control and their seventeen underlying principles.

The Green Book is referenced inside the Yellow Book and in the Uniform Guidance.  The new internal control requirements for performance auditors per the 2018 Yellow Book are discussed.

This course is filled with stories, analogies, and practical advice that brings the standards to life.

Usage Rank : 0
Release : 2019
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 23-Jul-2019
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 - 1549

Keywords : Auditing (Governmental), The, Green, Book, Standards, Internal, Control, Yellow, Book, Series, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

  • Identify the purpose of the GAOs Green Book
  • Identify the standard setting bodies that are involved in the creation of the Green Book
  • Identify reasons why most organizations do not achieve the ideal internal control structure described in the Green Book
  • Distinguish between components of internal control
  • Distinguish between management objectives
  • Choose a finite subject matter on which to apply controls
  • Distinguish between the magnitude and the likelihood of a risk
  • Distinguish between the steps of a process and a control
  • Order the steps involved in conducting a risk assessment
  • Identify the responses to the identified risks
  • Identify components of an internal control objective
  • Identify the questions that should be addressed when reporting to internal and external users
  • Identify the attributes of quality information
  • Define tone at the top
  • Identify the purpose of a standard of conduct
  • Define the qualities of members of the oversight body
  • Define responsibilities of a manager to develop competent people
  • Identify controls that integrate
  • Distinguish between preventative, detective and corrective controls
  • Distinguish between the design and operation of controls
  • Distinguish between a control and a substantive or compliance test
  • Identify how the Green Book has impacted auditors responsibilities per the Yellow Book
  • Identify the differences between the COSO model and the COSO ERM model

Chapter 1
Internal Controls la GAOs Green Book

  • Identify the purpose of the GAOs Green Book
  • Identify the standard setting bodies that are involved in the creation of the Green Book
  • Identify reasons why most organizations do not achieve the ideal internal control structure described in the Green Book

    Chapter 2
    The Face, Side and Top of the Cube

  • Distinguish between components of internal control
  • Distinguish between management objectives
  • Choose a finite subject matter on which to apply controls

    Chapter 3
    Ranking What You Care About: The Risk Assessment Component

  • Define risk
  • Distinguish between the magnitude and the likelihood of a risk
  • Distinguish between the steps of a process and a control

    Chapter 4
    Adding Fraud Risk and Completing the Risk Assessment

  • Identify components of the fraud tree
  • Identify components of the fraud triangle
  • Rank risks in order of severity
  • Order the steps involved in conducting a risk assessment
  • Identify the responses to the identified risks

    Chapter 5
    Internal Control Objectives and Control Activities

  • Identify components of an internal control objective
  • Identify relevant control activities for a control objective

    Chapter 6
    Information and Communication and Monitoring

  • Identify the questions that should be addressed when reporting to internal and external users
  • Identify the attributes of quality information
  • Distinguish between the two types of monitoring

    Chapter 7
    Control Environment

  • Define tone at the top
  • Identify the purpose of a standard of conduct
  • Define the qualities of members of the oversight body
  • Define responsibilities of a manager to develop competent people
  • Identify the methods and impacts of holding managers and employees accountable

    Chapter 8
    Finished Sort of

  • Identify controls that integrate
  • Distinguish among preventative, detective and correct controls
  • Distinguish between the design and operation of controls

    Chapter 9
    Pulling It All Together

  • Sequence the steps of developing an internal control structure
  • Identify the differences between the COSO model and the COSO ERM model

    Chapter 10
    The Auditors

  • Identify how the Green Book has impacted auditors responsibilities per the Yellow Book
  • Distinguish between a control and a substantive or compliance test
  • Course Contents :

    Chapter 1 - Internal Controls la GAOs Green Book

    The GAO pushed for better controls in 1983.

    Congress pushed for better controls in 1977, and the Treadway Commission was formed.

    The COSO Report was issued in 1992.

    The COSO model evolved.

    SOX renewed interest in the COSO model in 2002.

    The COSO model and report were revised in 2013.

    The GAO published the Green Book in 2014.

    Is the Green Book required?

    COSO is a little stricter.

    The Green Book describes control nirvana.

    Two main reasons we cant reach control nirvana

    Therefore, controls are patchy.

    Where are you on the scale?

    Study Questions for Chapter 1

    Chapter 2 - The Face, Side and Top of the Cube

    The five components of internal control

    Summarizing 5 components of control

    The top and side of the cube: a little whine with that cheese?

    The top of the cube

    Now for the right hand side of the cube

    Study Questions for Chapter 2

    Chapter 3 - Ranking What You Care About: The Risk Assessment Component

    What do you care about?

    You embrace risk when you make a choice.

    Case study

    Study Questions for Chapter 3

    Chapter 4 - Adding Fraud Risk and Completing the Risk Assessment

    Just because youre unaware of the risk, doesnt mean it isnt there.

    Sometimes you can pre-empt negative consequences.

    Fraud is real but it isnt entirely unavoidable.

    Fraud risk specifically

    Like a good spiritual guide, the fraud tree and fraud triangle enhance consciousness.

    The fraud tree

    Fraud risk factors a.k.a. the fraud triangle

    Other clues indicating fraud

    Completing the risk assessment

    Back to the case study

    Use the top of the cube if you prefer.

    Now what are you going to do about these risks?

    Lots of steps to risk assessment

    Study Questions for Chapter 4

    Chapter 5 - Internal Control Objectives and Control Activities

    Focus! Developing an internal control objective

    Control objectives

    Time to get to the nitty-gritty!

    The best list in the whole Green Book

    Plenty of overlap

    Study Questions for Chapter 5

    Chapter 6 - Information and Communication and Monitoring

    The Green Book is out to save you from suffering.

    A report for our case study

    Information and communication is the most straightforward component.

    You cant just set it and forget it.

    Monitoring has two layers.

    Auditors beware!

    I want to make double sure you caught what you are to monitor.

    An example auditors can relate to

    Monitoring asks that you dont assume; you verify.

    Study Questions for Chapter 6

    Chapter 7 - Control Environment

    Principle #1:  The oversight body and management should demonstrate a commitment to integrity and ethical values.

    Principle #2:  The oversight body should oversee the entitys internal control system.

    Principle #3: Management should establish an organizational structure, assign responsibility, and delegate authority to achieve the entitys objectives.

    Principle #4:  Management should demonstrate a commitment to recruit, develop, and retain competent individuals.

    Principle #5: Management should evaluate performance and hold individuals accountable for their internal control responsibilities.

    The control environment component is full of wisdom.

    Controls for our objective

    Whats next?

    Study Questions for Chapter 7

    Chapter - 8 Finished Sort of

    The iterative nature of the Green Book and of controls

    Our source document could use another iteration.

    Integrate the controls.

    This work will never be done.

    Pulling it all together

    So, what is a small organization to do?

    A story to bring it all together

    A refined way of talking about controls

    A baseline to measure progress

    Study Questions for Chapter 8

    Chapter - 9 Pulling It All Together

    Steps of developing controls

    The COSO ERM model

    Study Questions for Chapter 9

    Chapter - 10 The Auditors

    Strong controls give auditors confidence in their conclusions.

    The Yellow Book encourages auditors to embrace their inner control freak.

    What is a control test?

    How auditors react to weak controls

    Auditors can indirectly influence managers to improve controls.

    How will an auditor react if the client refuses to improve?

    Final thoughts

    Study Questions for Chapter 10

    Glossary

    CPE Auditing (Governmental) Course: https://www.cpethink.com/yellow-book-auditing
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