Properly identifying, evaluating, and testing controls can be more difficult than anticipated in most organizations. The Public Company Accounting Oversight Board (PCAOB) routinely expresses concerns regarding the effectiveness of the testing completed for Internal Controls over Financial Statement Reporting by both internal and external auditors. While publicly traded companies can face extensive scrutiny over the effectiveness of their internal control environment, every organization benefit from effective controls. To ensure a control environment is indeed effective, auditors must know how to properly identify controls, assess their design, and test their operating effectiveness.
This course will teach auditors effective methods for planning, designing, assessing, and executing effective controls testing. The course is interactive, and participants will learn from lecture, discussions, and hands-on exercises. A case study will be used to develop an actual test program.
- Learning to develop an effective test program
- Determining the appropriate sampling and testing approach
- Learning testing methodologies—manual, automated, and others
- Determining the testing objectives—aligning with business objectives
- Learning to identify, evaluate, and prioritize risks
- Learning to identify, assess, and test controls
- Determining what to test
- Using narratives, flowcharts, and walkthroughs to identify gaps and potential risks
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