Auditing and Monitoring Internal Control
Designed for Business Owners, CFOs, Controllers, CPAs, Internal Auditors, Management Accountants
One Day Program -- 8 CPE Credits
Description
Learn how to utilize the new AICPA Statements on Audit Standards to assess fraud risk and internal control systems. Get practical tips on planning audits of both public and privately owned companies. Get the practical guidance you need to ensure compliance with Section 404 and a review of PCAOB Audit Standards including Audit Standard No. 5. The program provides an in-depth discussion of material misstatements and materiality. Learn how to apply COSO's frameworks including monitoring of internal control systems. This program offers a complete update on small company internal control issues as well as challenges for private companies and not-profit organizations. You will be updated on the implications of risk management and a review of the COSO ERM framework.
Objectives
- Learn about the latest SAS releases on fraud and assessing internal control and audit risks.
- Understand the implications of auditing in the current economic environment.
- A complete review of PCAOB audit standards.
- Learn the elements of monitoring internal control using the new COSO guidance.
- Understand how to create business value through application of optimized compliance techniques and practices using the 20 principles of the COSO framework.
- Learn how to apply the COSO ERM (Enterprise Risk Management) concepts to assess internal control risk.
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Agenda
- Assessing Fraud Risk - SAS 99
- Assessing Audit Risk - SAS 104 to SAS 111
- Auditing in the Current Economic Environment
- Audit Standard No. 5
- Material Misstatements and Materiality
- Monitoring of Interna Control - COSO Guidance
- Smaller Company Internal Control Considerations
- Financial Statement Assertions
- Risk Management Implications
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