DESCRIPTION
This module focuses on the process for evaluating the design and implementation of internal controls via an interactive case study, utilizing simulated interviews with client personnel. Throughout the 4-part case study, participants will learn about performing and documenting walkthroughs when there are no prior year workpapers available for reference (on a new client, for example), including how to ask appropriate follow-up questions during client interviews, how to select the appropriate procedure(s) to verify implementation, and how to identify deficiencies in design and deficiencies in implementation.
LEARNING OBJECTIVES
• Describe and utilize the five steps of understanding and auditing the client’s system of internal control, with a focus on activity level controls
• Create walkthrough documentation for a new client or activity level cycle
• Perform verification procedures for previously documented controls and processes
