Description:
The introduction of 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 is 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 COSO Framework. The course not only addresses the theoretical concept of the internal control systems 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.

Delivery Method:

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Author: Delta Publishing

Category: Accounting and Auditing

Field of Study: Auditing

Passing Score: 70%

Publication Date: 08/08/2018

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Objectives:
1. Identify the functions and limitations of internal control
2. Recognize the COSO principles of internal control
3. Identify some common and important control procedures
4. Distinguish between the IT general controls and application controls
5. Recognize the implication and significance of the Sarbanes-Oxley Act
6. Recognize key procedures involved in identifying risks and controls
7. Identify key considerations for identifying and evaluating control deficiencies
8. Recognize the requirements of management documentation of controls
9. Identify factors in assessing the maturity level of a company's internal control structure
10. Identify the audit objectives, scope, and procedures applied to the integrated audit
11. Recognize fraud considerations in a financial statement audit
12. Identify the most common schemes and fraud symptoms
13. Recognize techniques to prevent and detect fraud

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NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: No IRS credit for Enrolled Agents.