Internal Controls and Fraud Detection ON DEMAND

Overview

The introduction of the Sarbanes-Oxley (SOX) Act law fueled rapid growth in the organizational importance of internal control systems. Appropriate interpretation and implementation of the internal control framework are vital for every organization. This course incorporates and reflects up-to-date guidance from the PCAOB, the AICPA, the ACFE, and the principles of 2013 the COSO Framework as amended. The course not only addresses the theoretical concept of the internal control system but also provides readers with the practical guidance they need to assume a role in the design, implementation, maintenance and evaluation of a comprehensive framework of internal controls for their organizations. Specifically, the course presents the principles of internal control to help readers understand the nature and context of control, such as the limitations of internal controls, the most recognized controls frameworks (e.g., COSO Framework, Green Book), and some common and important control procedures. It also includes steps on how to identify risks and controls, advice on how to assess the adequacy of controls, a discussion of how to reach a fair assessment, and documentation requirements for evidence of effective controls. In addition, the course discusses requirements related to performing an integrated audit: AS 2201 and AU-C Section 940. Although these auditing rules are mandatory for external auditors and not for management, management should give consideration to following the approach described in these requirements.

Highlights

Principles of Internal Control. Management Assessment of Internal Controls. Audit of ICFR Integrated with Audit of Financial Statements. Fraud Prevention and Detection. Appendix A, B, C, and D.

Prerequisites

None.

Designed For

CPAs, controllers, accountants, financing professionals, business owners, managers and others responsible for prevention, detection, or evaluation of potential fraud

Objectives

Identify the functions and limitations of internal control; and. Recognize the COSO principles of internal control. Identify some common and important control procedures. Distinguish between the IT general controls and application controls. Recognize the implication and significance of the Sarbanes-Oxley Act; and. Recognize key procedures involved in identifying risks and controls. Cite key considerations for identifying and evaluating control deficiencies; and. Recognize the requirements of management documentation of controls. Identify the audit objectives, scope, and procedures applied to the integrated audit. Cite fraud considerations in a financial statement audit. Identify the most common schemes and fraud symptoms. Recognize techniques to prevent and detect fraud.