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Internal Control Fundamentals (Audit Skills Training: Level 1) (A1M7)

  • Format Self-Study Webcasts
  • Credits 3
  • Level Basic
  • Field of Study Auditing (3)

$54.00


Overview

Obtaining an understanding of the entity and its environment is part of assessing risk of material misstatement, in order to design the nature, timing and extent of further audit procedures necessary to obtain sufficient appropriate audit evidence to support the auditor’s report. A critical component of understanding the entity and its environment is to evaluate the design and implementation of internal control over financial reporting.

Major Topics:

  • Explain typical audit risks and special considerations related to cash and cash equivalents
  • Describe designing a detailed audit plan, linking assessed risk to planned procedures
  • Perform typical audit procedures associated with auditing cash and cash equivalents
  • Case study related to auditing cash and cash equivalents, including identifying and evaluating a misappropriation of cash
  • Discuss how to obtain evidence through inquiry of the client

Learning Objectives

  • Discuss standard audit procedures related to cash and cash equivalents
  • Describe typical presentation and disclosure issues related to cash
  • Explain how to evaluate audit evidence associated with cash 

Who should take this course:

Professionals new to evaluating the design and implementation of internal control

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