- NY Credits : 3.0
- TX Credits : 3.0
GAAS Guide - Internal Control Updated
AU 314, Understanding the Entity and Its Environment and Assessing Risks of Material Misstatement, was re-codified as AU-C 315, Understanding the Entity and Its Environment and Assessing Risks of Material Misstatement, by SAS No. 122. If a client has effective internal control, the amount of substantive testing that needs to be done may be substantially reduced. This program reviews the components of internal control and the relevance of Statements of Auditing Standards (SASs) as they relate to internal control. This basic level course is most beneficial to professionals new to this topic who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this topic.
Upon successful completion of this course, the user should be able to:
identify the importance of internal control,
recognize the use of internal controls to achieve an entity's objectives, and
explain the auditor's responsibility for gaining an understanding of the entity's internal control,