Obtaining an understanding of the entity and its environment is part of assessing risk of material misstatement, in order to design the nature, timing, and extent of further audit procedures necessary to obtain sufficient appropriate audit evidence to support the auditor’s report. A critical component of understanding the entity and its environment is to evaluate the design and implementation of internal control over financial reporting.
Responsibilities for gaining an understanding of the entity and its environment. The inter-relationship of the five foundational components of the COSO Internal Control - Integrated Framework. Various methods for documenting and evaluating the design and implementation of internal control over financial reporting. Identifying critical elements of entity-level and transactional-level controls. Case studies related to identifying deficiencies in internal control documentation.
Professionals responsible for evaluating the design and implementation of internal control.
Describe how to properly obtain an understanding of the entity and its environment, including internal control, in order to properly assess risk of material misstatement. Discuss the COSO Internal Control - Integrated Framework. Explain important considerations in documenting a systems description narrative. Describe how to evaluate internal control design and implementation for deficiencies and how to apply insights to the process of assessing risk of material misstatement.
Jennifer F. Louis, CPA has over 25 years of experience in designing and presenting high-quality training programs in a wide variety of technical accounting, auditing, and “soft skills” topics needed for professional and organizational success. She is the principal author of audit and attest related courses for Surgent and a frequent speaker at Surgent live programs and seminars. Ms. Louis is also the president of Emergent Solutions Group, LLC, a company she founded in 2003, dedicated to developing and delivering a wide variety of accounting and auditing training services, including audit staff training, audit productivity improvement, and value-added auditing. Prior to that, she was executive vice president/director of training services at AuditWatch, Inc. Before joining AuditWatch, Ms. Louis was the financial/operational internal audit manager at AARP. While at AARP, she served as one of their specially trained facilitators available as a resource throughout the organization for designing and leading strategic meetings and training sessions. Ms. Louis was also an audit manager for Deloitte and Touche, LLP. During her years in that firm’s Washington, D.C. office, she served as an instructor for the firm’s national “Train the Trainers” program. Ms. Louis graduated summa cum laude from Marymount University with a BBA in accounting.
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