- NY Credits : 11.0
- TX Credits : 11.0
Internal Control and Fraud in Governmental and Nonprofit Entities
Internal control issues have been at the forefront of the public's attention in recent years. Failures in internal controls have led to financial statement fraud, misappropriation of assets, and intentional misuse of grant funds. This comprehensive program emphasizes internal controls and fraud in governmental and nonprofit entities in financial statement and compliance audits. This program reviews internal controls and fraud specifically as they relate to the AICPA codification of clarified auditing standards, the 2011 revision of Government Auditing Standards, and the OMB's Uniform Guidance for audits of federal award programs as well as the OMB Compliance Supplement. The program covers COSO's Internal Control Integrated Framework, and also reviews insights into fraud and internal controls from the Association of Certified Fraud Examiners.
This course is most beneficial to professionals new to internal control and fraud in governmental and nonprofit entities who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this subject.
Upon successful completion of this course, the user should be able to:
explain the responsibilities of entity management, the governing board or other oversight body (those charged with governance of the entity), and entity employees for implementing and evaluating internal control,
define fraud and explain the relation between fraud and internal control,
describe the auditor's risk assessment procedures and related activities,
discuss an entity's requirements for internal control over compliance with the terms and conditions of federal award programs,
describe the overall objectives, components, and characteristics of internal control over compliance,
explain the auditor's objectives regarding internal control over compliance, and
discuss the auditor's responsibilities for communicating internal control deficiencies, fraud, noncompliance, and abuse in GAAS, GAGAS, and Uniform Guidance audits.