2024 The Role of Internal Control in the Risk-Based Audit

Overview

This program explores the role of client internal controls for balancing efficiency and effectiveness in a risk-based audit. We offer practical insights regarding an auditor's assessment of the risk of material misstatement when auditing financial statements of non-issuers, with particular emphasis on internal controls of small-to-medium clients.

Objectives

• Identify minimum understanding and documentation requirements if the auditor does not intend to rely on internal controls
• Recognize internal controls of less-sophisticated, small-to-medium sized audit clients
• Utilize identified internal controls for an efficient, risk-based approach to audits conducted in accordance with generally accepted auditing standards
• Document your procedures and related conclusions

Highlights

• Specific matters auditors should consider when obtaining and documenting an understanding of the client's internal control system
• Development of a tailored audit approach that considers the potential reliance on internal controls
• Guidance for establishing an adequate basis for reliance on internal controls of less formal, smaller clients

Designed For

CPAs in public practice or members in industry

Prerequisites

Basic working knowledge of financial statements

Preparation

None

Notice

Your webinar can be accessed via https://ctcpas.acpen.com/Account/loginhttps://ctcpas.acpen.com/. If you do not have an ACPEN account, please sign up for an account using the email address you have on file with CTCPA.