This course will educate attendees about the seventeen principles that translate to the five elements of internal control that auditors are required to test in order to perform an audit in accordance with generally accepted auditing standards. From the management perspective, members of management will learn what internal control principles they should use in establishing the specific system of internal control for their organization.
Course ID: PICMA
A Primer on Internal Control for Management and Auditors
Learning Objectives
Identify the structure of the Committee on Sponsoring Organizations’ (COSO) publication on Internal Control- An Integrated Framework, and its latest revision in 2014. This topic constitutes the basic foundation of internal control that management is required to provide in order to produce reliable financial statements. It is also the foundation for the approach to performing audits in accordance with generally accepted auditing standards in the United States of America issued by the American Institute of Certified Public Accountants.
Major Topics
- The COSO “Rubik’s Cube” portraying a system of internal control.
- Specific objectives in establishing “points of interest” related to each of the seventeen principles of internal for consideration by management.
- Internal control testing by management (via the monitoring principle) to ensure the system of internal control is working as intended.
Who Should Attend
- Auditors in public accounting or governmental auditors (those who work as auditors in federal, state or local governments).
- Members in accounting departments of companies or not-for-profit organizations at the highest level (e.g., controllers, chief financial officers etc.)
Fields of Study
AccountingPrerequisites
Participants should either be staff members of CPA firms that perform audits in accordance with generally accepted auditing standards in the United States or members of management (preferable from the accounting and/or finance areas) who possess a basic knowledge of preparing financial statements and the five elements of internal control.