About this Course
Not long ago, the subject of internal controls in auditing focused primarily on the controls over transactions, such as purchases and sales. As a result of research demonstrating that a broader set of control deficiencies were behind many failed businesses and audit failures, the development of a broader based framework was commissioned by the Committee of Sponsoring Organizations of the Treadway Commission. For your future career in auditing or financial management, whether public accounting, corporate, government, non-profit, or private entity auditing, the concept of ICFR will be part of your work environment. This module will discuss some ways new staff may be involved in assisting in the assessment and testing of internal controls over financial reporting.
- Recognize the 2013 revised COSO frameworkand its elements
- Identify auditor requirements regarding theCOSO framework
- Recall the relationship between risk assessmentand internal control assessment
- Recall the steps in the process of a walkthroughof controls on an engagement