Do internal controls really matter on a nonpublic audit engagement? This session answers that question with a definitive "yes".

Take a deep dive into understanding the impact that internal controls have on a well-executed audit engagement from planning and risk assessment through risk response and reporting.  

This course gives auditors at all levels a practical look at the purpose and power of internal control in today’s audit. Participants examine why understanding controls matters, how to evaluate design and implementation effectively, and how to connect internal control work to risk assessment and the overall audit strategy.

The content and length of this course can be customized to meet the specific needs and goals of your audit team. For example, the agenda can place additional emphasis on performing walkthroughs with purpose, understanding IT-dependent processes, or integrating the results of internal control work into planned audit procedures using your firm’s methodology or technology platform. Please contact us for more information.

After completing this course, participants will be able to:

• Describe the components of the COSO internal controls framework and explain how each component applies to client engagements. 
• Differentiate between process and controls, and explain the differences between types of controls, including preventative, detective, manual, and automated controls. 
• Evaluate the effectiveness of a system of internal controls, including design and implementation.  
• Describe audit requirements related to internal control to strengthen your audit approach. 
• Understand the impact of SOC 1 and SOC 2 reports, including the role of complementary end user controls (CEUCs). 
• Analyze internal control weaknesses and deficiencies and their root causes. 
• Create practical recommendations to strengthen systems of internal control.