Exploring the Updated Internal Control Framework [UICF Fbx]

Full Description

Exploring the Updated Internal Control Framework: Critical Concepts in Design, Evaluation, Implementation, and Monitoring

October 30, 2014
Westmark Fairbanks Hotel
Fairbanks, AK

Technological advances, increased regulatory scrutiny, globalization, and other challenges have caused entities and auditors to struggle with proper consideration of the cost-benefit of internal controls, recognizing that a well-designed system does not have to prevent or detect all internal control deficiencies just ones that matter most to the entitys objectives. This course provides practical guidance on what a sound system of internal controls looks like and its impact on the financial statement audit, particularly for smaller entities.

Major Topics:
Differences between the 1992 version of the framework and the 2013 COSO guidance
The evolution of internal controls theory and practice, including emerging guidance specific to smaller entities
Key components of internal control per the COSO Integrated Framework, and the role each plays in the design and operating effectiveness of internal control over reliable financial reporting
Comparing and contrasting specific types of internal controls
The critical role of information technology (IT) controls in reliable financial reporting, including both general and application controls
Gaining an understanding of an entitys design of internal controls
Evaluating design/implementation of an entitys design on internal controls (& impact on assessment of risk of material misstatement)
Testing controls for operating effectiveness and determining the appropriateness of the nature, timing, and extent of control testing
Evaluating the results of tests of controls, including the impact on the nature, timing and extent of substantive audit procedures
Considerations related to the use of outside service organizations
Differentiating an external auditors responsibilities depending on the professional standards being followed
Evaluating/communicating deficiencies in internal controls

Learning Objectives:
Describe important internal control concepts, including identifying key controls in a top-down approach to evaluating the design & implementation of internal control over reliable financial reporting
Discuss the difference between evaluating design and implementation and operating effectiveness
Explain differences between material weakness and significant deficiency for internal control over reliable financial reporting

Designed For: Accountants responsible for designing, evaluating, and/or monitoring internal controls over financial reporting

Level of Knowledge: Intermediate

CPE Credits: 8, Auditing

Prerequisite: Experience with designing, evaluating, or monitoring internal controls

Acronym: UICF

Discussion Leader: Theresa Thamer, CPA

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