Internal Control - Testing for Operating Effectiveness

Overview

This course will be available for 90 days from your date of purchase.

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.

Prerequisites

None

Objectives

• 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

• 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