Internal Control: Basic Concepts for the External Auditor

Highlights

Introduction to Internal Control (AU-C 315), Understanding Internal Control (AU-C 315), Using the Work of Internal Auditors (AU-C 315 and AU-C 610), Assessing Risks (AU-C 315 and AU-C 330), Communicating Internal Control Related Matters Identified in an Audit (AU-C 265), Internal Control Documentation (AU-C 315)

Prerequisites

None

Objectives

After completing this course, you will be able to (1) answer technical questions on the nature and components of internal control, (2) select procedures to obtain an understanding of internal control, (3) determine the external auditor’s use of the internal auditor’s work, (4) identify and assess the risks of material misstatement of financial statements and assertions, (5) recognize the requirements to communicate significant deficiencies and material weaknesses in internal control, and (6) determine appropriate documentation for the understanding of internal control.