Obtaining an Understanding of Internal Control

Overview

Understand internal control
Understand internal control in risk assessment as required by GAAS. Gain an overview of internal control and related key aspects so that you recognize auditor and management roles and responsibilities related to internal control and procedures involved in understanding an entity's internal control in a risk assessment.

Prerequisites

None

Objectives

• Recognize the importance of understanding internal control.
• Recall factors and procedures that an auditor should consider when obtaining an understanding of the entity and its environment, including internal control.
• Recall definitions and key aspects of internal control from various organizations.

Highlights