This module provides a structured approach to completing the understanding and evaluation of the client’s system of internal controls during the risk assessment phase of an audit. After reviewing key terms related to internal controls, the module focuses on a step-by-step process to identify control objectives, match key controls to control objectives, evaluate design, verify implementation, and identify and document deficiencies. Through small group activities and engaging discussion, participants will explore the “why” behind the requirements, connecting the work performed in walkthroughs to risk assessment and the design of further Audit procedures.