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Internal Control and COSO Essentials for Financial Managers, Accountants and Auditors

Author/Moderator: Glenn Helms PH.D, CPA, CIA, CISA, CITP, CFF
Publisher: AICPA
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Many managers, supervisors, and accountants in business, government or nonprofits are not able to identify their departmental policies and procedures that function as the primary controls against errors and fraud. Alternately, auditors performing field work may be confused about how to interpret and evaluate management’s documentation of accounting processes and controls. Neither party may truly understand how their duties differ.

This course gives you a solid understanding of systems and control documentation. After an overview of the latest COSO guidance on the components and principles of effective internal control, this course introduces you to basic tools used to document an accounting process. You will then identify the risks of errors and fraud in the accounting system and the presence (or absence) of compensating controls. Finally, you will practice identifying key controls and control weaknesses.

Topics Discussed:

  • Fundamental components and principles of internal control
  • Integrated framework and small business tools’ reports
  • Management responsibilities vs. auditor responsibilities
  • Common significant accounting processes
  • Fraud risks for major classes of transactions
  • Tools and techniques used for internal control documentation
  • Estimating the cost and benefit of remedying a control weakness
  • The seventeen principles contained within the COSO Integrated Framework underlying each component of internal control

Learning Objectives:
When you complete this course, you will be able to:

  • Identify ways to obtain cost efficiencies and effectiveness in internal controls in various types of smaller entities.
  • Describe factors that an auditor should consider when obtaining an understanding of the entity and its environment.
  • Identify keys to success in designing a control environment with strong internal controls.
  • Explain the steps required as part of management’s documentation of control activities.
  • Describe tools that can assist in the documentation of internal controls.

Who Will Benefit?
Auditors, managers, supervisors, accountants, and others with duties critical to the system of internal control in business, government or nonprofits

Prerequisite: None

Advanced Preparation: None

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NASBA Field of Study: Accounting and Auditing
Level: Basic
Recommended CPE Credit: Text 7 (Accounting - 4, Auditing - 3); On-Demand 8.5 (Accounting - 4.5, Auditing - 4)
Internal Control and COSO Essentials for Financial Managers, Accountants and Auditors
Text , 2015
Product# 731907
Availability: In Stock
AICPA Member:$129.00
Your Price:$169.00
Internal Control and COSO Essentials for Financial Managers, Accountants and Auditors
CPE On-Demand , 2015
Product# 159823
Availability: Online Access 1 Year
For registered users only
AICPA Member:$129.00
Your Price:$169.00
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