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Audit 303: Internal Controls - Required Communications

Wednesday, April 16
 11:00am - 1:00pm

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2.00 Credits

Member Price $89.00

Non-Member Price $124.00

Overview

Internal Control Deficiencies and Other Matters - Adding Value Through Required Auditor Communications will help the auditor with understanding how to improve required internal control communications to be more value-added from the perspective of the client. Professional and regulatory audit standards require communication of internal control matters noted in a financial statement audit. This assists management and those charged with governance with satisfying responsibilities for designing, implementing, maintaining, and monitoring internal controls. In addition, in order to retain existing clients, lower fee pressures and gain invaluable referral sources, financial statement auditors must place a priority on being a value-added business advisor. Note: This course is recommended as a part of a 16-hour audit skills curriculum for in-charge or supervisor auditors, while it is also appropriate for anyone who has responsibilities for communicating internal control related matters to the client. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Objectives

Upon completion of this course, you will be able to...

  • Identify what, when, and to whom to communicate identified deficiencies in internal control during the financial statement audit
  • Choose how to categorize the severity of identified deficiencies
  • Determine how to draft written communications in a way that will increase the likelihood of corrective action
  • Distinguish the importance of making value-added business advice to clients a priority
  • Determine how to anticipate and prevent issues that could negatively impact clients

Highlights

The major topics covered in this course include:

  • The required communication of internal control matters noted on an audit
  • Evaluating the severity of identified deficiencies, including consideration of qualitative considerations
  • Importance of placing a priority on being a value-added business advisor
  • Anticipating and preventing internal control issues related to reliable financial reporting, operational efficiency or compliance
  • Components of a well-written internal control comment
  • Better writing tips and techniques

Designed For

Accountants who are responsible for drafting internal control related matters noted in an audit

Prerequisites

Experience on basic audit engagements

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