Internal Controls Part 1

Overview:

The evaluation of internal controls and the documentation thereof, and the conclusions reached are key components of the risk assessment process during planning of the audit. The communication with the client and the analysis of the systems of internal control is as valuable in achieving proper knowledge of the business and identifying areas of risk and fraud risk. 

A proper understanding of internal control may lead to the identification of areas where reliance may be placed on controls and contribute to a more efficient audit.

Regulatory and monitoring experience in the profession has shown that the most findings relate to basic concepts of internal control. 

This training will give participants a practical understanding of the basics of internal control and its documentation. In this training session (Part 1) the reason why auditors need to obtain an understanding of internal control, and the different aspects of controls that the auditor should obtain an understanding of are explained.

Content and outline:

To explain the following concepts and demonstrate practical application thereof:

• The audit process and risk

• Key requirements and principles relating to internal control

• Evaluation of internal controls

• Documentation of internal controls

• Common working paper deficiencies

Certification:

Upon completion of the training, participants will receive a verifiable LEAF Bronze Certificate.