The Changing World of Internal Control: Managing Risk in the New IT World

Previous Title: IT: Risks and Controls in Traditional and Emerging Environments

It is important to understand the major role of IT controls in the financial reporting and management information process.

Topics Discussed

• Cloud Computing and SOC Reports, Under AU-C 402
• Understanding the Entity and Its Environment, and Assessing the Risks of Material Misstatement Under AU-C 315
• The Control Environment
• IT Governance
• COSO Internal Control
• Designing and Implementing Controls
• Computer-Assisted Audit Techniques (CAAT Application)

Learning Objectives:
You will learn to identify IT control frameworks for traditional, current, and emerging IT systems-such as cloud and mobile computing, and the controls that should enhance the reliability of financial and managerial reporting in these systems. Major IT controls for smaller, less complex entities will also be explored. In addition, preventive and detective controls, e-commerce, top IT technologies, and examples of control deficiencies will be addressed.

Prerequisite: Working knowledge of internal control and IT

Advanced Preparation: None.