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Internal Control - Testing for Operating Effectiveness

ON-DEMAND

Online

2.00-A&A
CPE Credits

Properly designed and effectively operating internal control over financial reporting is critical for preventing, or detecting and correcting, material misstatement. This course describes how to satisfy the audit requirements related to taking a control reliance strategy by testing the operating effectiveness of internal controls, while promoting an effective and efficient financial statement audit. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Learning Objectives:
After attending this presentation you will be able to...

Discuss generally accepted audit requirements related to testing controls for operating effectiveness
Explain how to evaluate the results of a control reliance test for operating effectiveness
Describe the use of Service Organization Control (SOC1) Reports on a financial statement audit
Identify the impact of a control reliance strategy on a detailed audit plan

Highlights

The major topics covered in this class include:

Generally accepted audit requirements related to testing controls for operating effectiveness
Identifying key controls that may prove effective and efficient to test in a control reliance strategy
Responses when deviations are discovered when evaluating the design or operating effectiveness of internal control
Leveraging audit evidence available for Service Organization Control (SOC1) Reports
General computer control considerations when evaluating the design and operating effectiveness of internal control over financial reporting