Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components for an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.
At the end of this course, students will be able to:
- Identify the purpose of internal controls.
- Recognize the goals for internal controls.
- Recognize the role that internal controls play for the accuracy of financial statements.
- Recognize the reasonable assurance and inherent limitations for internal controls.
- Identify the components of an effective internal control system.
- Recognize the purpose of risk assessment for internal controls.
CPE Credits: 2 CPE for CPAs
Instructional Method: Self-Study
NASBA Field of Study: Accounting
Program Prerequisites: None
Advanced Preparation: None
Revision date: March 17, 2023