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Understanding the COSO Framework for Internal Controls (K-COS2/22)
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May 18, 2022 @ 8:45 am - 12:15 pm
Internal controls over financial reporting are used to prevent, detect, and correctmisstatement. They also help to reduce the chance that fraud will occur. The auditor isrequired to obtain an understanding of an entity’s controls as part of the risk assessmentprocess. This workshop will provide participants with an opportunity to explore the designof controls over the significant systems typically found in a small and medium-sized clientthrough the use and understanding of the COSO framework.
Audit practitioners who are working on audits of non-public companies, as well asaccountants in industry who want to improve their entity’s internal controls.
Participants will be able to: Describe the evolution of internal controls and its impact on the profession Recognize the professional requirements and guidance related to internal controlconsiderations in an audit, including their relationship to risk assessment Develop a basic understanding on how to test and audit internal controls Identify and assess the principles of the COSO Framework related to entity-levelcontrols that applies to the control environment, risk assessment, information andcommunication, and monitoring Apply and document understanding of control activities elements of the COSOFramework
Background on internal controls COSO Framework Understanding the design of controls at the entity level and at the activity level Control activities
Basic audit course orexperience