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
- Explain how a well-executed understanding of process-level controls influences the risk assessment process and the design of effective, efficient further audit procedures
- Create walkthrough documentation for a new client, including evaluating the design and implementation of process-level controls
- Implement improved client inquiries to enhance internal control documentation
