Text

1 CPE

Surgent's Surging Auditors: Internal Out of Control

This is a text-based course

Text
1 CPE

This is a text-based course. To receive credit, you are required to review all content and achieve a minimum score of 70% on the final exam.

In this hands-on game, participants are helping to prepare an internal control testing plan for Home Décor & More (HDM). They must assess controls related to HDM’s inventory cycle to determine which financial statement assertions each control satisfies, the quality of the control’s design, and whether there is adequate segregation of duties. Then, they will complete the HDM control testing plan, including the level of reliance to place on each control and the test of control methods. Each participant wants to be spot-on with the evaluation before submitting the information to a manager for feedback.

Learning Objectives

  • Explain the professional standards related to and rationale for understanding and testing internal controls  
  • Discuss the professional standards related to testing controls for operating effectiveness  
  • Illustrate the appropriate level of linkage between the work performed in testing internal controls, control reliance and reporting on internal controls  
  • Identify impact of a control reliance strategy on the detailed audit plan

Major Topics

  • Refresher on understanding internal controls 
  • When testing internal controls is required 
  • When testing of internal controls is an effective strategy to reduce substantive testing  
  • Designing tests of controls  
  • Responses when deviations are discovered in the design or operating effectiveness of internal control 

CPE Credits Available

1 CPE
1
Auditing

Things to Know About This Course

Course Level

  • Basic

Professional Area of Focus

  • Accounting & Auditing

Prerequisites

None

Advanced Preparation

None

Intended Audience

Accounting and financial service professionals needing a refresher on internal control testing plans and related standards

Provider

Surgent CPE

Purchase This Course

  • COCPA Member

    $ 49 49
    Join

  • COCPA Non-Member

    $ 64 64
    Your Price

Please login to register.