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Audit 405: Designing Internal Controls for Smaller Entities

Friday, December 20
 11:00am - 1:00pm

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2.00 Credits

Member Price $89.00

Non-Member Price $124.00

Overview

Internal Controls to Mitigate Financial Reporting Risk - Designing Stronger Internal Controls for Small or Mid-Size Entities provide practical analysis and tips for how a reporting entity can manage financial reporting risk in an effective and efficient way. Internal controls are applied within an organization to satisfy objectives related to operations, compliance, and financial reporting. This module will also differentiate the auditor’s responsibilities for internal controls under Sarbanes Oxley, Government Auditing Standards and Single Audit Act requirements. Note: This course is recommended as a part of a 16-hour audit skills curriculum for supervisory or managerial auditors, while it is also appropriate for anyone who has responsibilities for designing or evaluating the design of internal controls. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Objectives

After attending this presentation, you will be able to...

  • Identify the evolution of internal control through the decades
  • Apply the revamped 2013 COSO Internal Control - Integrated Framework, including how the various components and principles interrelate to form a strong system of internal control over reliable financial reporting
  • Identify special considerations for internal controls in a smaller-entity environment
  • Distinguish important varying audit considerations, such as Sarbanes-Oxley, Government Auditing Standards, and Single Audit Act requirements

Highlights

The major topics covered in this course include:
  • Evolution of internal control concepts
  • Revamped 2013 COSO Internal Control - Integrated Framework
  • Designing an adequate 'umbrella' of internal controls over financial reporting to prevent, or detect and correct, material misstatement due to fraud or error
  • Specific internal control considerations and sample documentation for smaller entities
  • Additional responsibilities for the audits in accordance with the Sarbanes-Oxley Act, Government Auditing Standards and Single Audit Act requirements

Designed For

Accountants who are responsible for evaluating the design or internal controls on financial statement audits, including audits in conformance with various compliance requirements

Prerequisites

Experience in basic audits

Preparation

None

Notice

You will receive an email from CPA Crossings via Webex with instructions to access the webinar.

Leader(s):

Leader Bios

Jennifer Louis, Surgent McCoy CPE, LLC

Jennifer F. Louis, CPA has over 19 years of experience in designing and presenting high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organizational success. In 2003, she founded Emergent Solutions Group, LLC, a company dedicated to developing and delivering accounting and auditing training services. She was most recently executive vice president/director of training services at AuditWatch, Inc., a highly respected training and consulting firm serving the audit profession. During her six years at AuditWatch, Ms. Louis served in many other capacities, including vice president of product development, and a consultant for the firm’s Audit Productivity Improvement Program TM. She also coauthored a manual on value-added auditing. Before joining AuditWatch, Ms. Louis was the financial/operational audit manager at AARP. While at AARP, she served as one of their specially trained facilitators available as a resource throughout the organization for designing and leading strategic meetings and training sessions. Ms. Louis was also an audit manager for Deloitte and Touche, LLP. During her years in that firm’s Washington, D.C. office, she served as an instructor for the firm’s national “Train the Trainers” program. Ms. Louis graduated summa cum laude from Marymount University with a BBA in accounting.

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Non-Member Price $124.00

Member Price $89.00