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Auditing Bits in Bytes™ Session 7: Identifying, Evaluating and Communicating Internal Control Deficiencies  (Included in catalog bundle)Auditing Bits in Bytes™ Session 7: Identifying, Evaluating and Communicating Internal Control Deficiencies (Included in catalog bundle)

$75.00 (USD)

Auditing Bits in Bytes™ - A Practical Break-Down of “Real World” Best Practices Applied in Highly Successful Audits is a series of eight individual sessions that guide professionals through the complete audit process from “A to Z” – starting with Pre-Engagement Planning Activities, and going all the way through Wrap-up and Quality Control.   

Attempting to perform an effective and efficient audit can be intimidating and confusing, for new and experienced auditors alike.   This series will provide valuable tips and techniques from an experienced auditor that are needed to successfully design and perform financial statement audits in “real-life” circumstances.  Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement.

 This 2-hour session focuses on how to properly fulfill the requirements for identifying, evaluating and communicating internal control deficiencies identified during the course of the financial statement audit.      

Credits: 2
Estimated Length: 2 hour(s)
Valid for: 12 Month(s)

Lessons

Name View Schedule
Online Lesson1. Auditing Bits in Bytes™ Session 7: Identifying, Evaluating and Communicating Internal Control Deficiencies -

Objectives

Upon completion of this course, participants will be able to:

  • Describe how to properly satisfy the requirement to evaluate and communicate internal control matters noted during the course the financial statement audit
  • Recognize  considerations in properly categorizing internal control deficiencies as an inconsequential matter, significant deficiency, or material weakness
  • Identify  significant audit matters to communicate with those charged with governance 
  • Recognize ways for reporting entities to assume greater responsibility for internal control over financial reporting   

Major Topics:  

  • Identifying & Evaluating Internal Control Deficiencies – Emphasizing the importance of identifying both design and operating effectiveness deficiencies during the course of the audit, and how to properly categorize deficiencies as inconsequential, significant or material
  • Considering the Impact of Internal Control Deficiencies - The impact on the auditor’s conclusions related to risk of material misstatement, sufficient appropriate audit evidence to support the financial statement audit opinion, and independence
  • Communicating Internal Control Deficiencies to Those Charged with Governance – How to fulfill requirements in a way that emphasizes to the client the value and importance of giving proper dedication to understanding, consciously evaluating and concluding on an appropriate response to identified deficiencies
  • Communicating Other Significant Audit Matters to Governance – What to communicate and when
  • Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement   

Field of Study:  Auditing 

Recommended CPE Credit Hours:  2.0 

Course Level:  Basic 

Prerequisites:  None

Designed For:  Anyone who is new to auditing or desires a refresher in how to perform effective and efficient financial statement audits for non-issuers in accordance with professional and regulatory standards. 

Instructor:  Jennifer Louis, CPA 

Publication Year:  2017

Expiration Date Course content is reviewed annually and revised with neccessary changes or else the course is removed.

____________________________________________________

Jennifers's Biography:   

Jennifer F. Louis, CPA has over 22 years of experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organization success. In 2003 she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical and engaging accounting and auditing training.

She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. She currently resides in Vienna, VA.

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