- NY Credits : 7.0
- TX Credits : 7.0
PCAOB Auditing Standards: Audit of the Effectiveness of Internal Control over Financial Reporting
This course reviews the requirements of performing an integrated audit of a public company. An integrated audit consists of auditing the effectiveness of internal control over financial reporting at the same time the auditor is auditing the financial statements. Standards require auditors to design their testing of controls to accomplish the objectives of both audits simultaneously.
Upon successful completion of PCAOB Auditing Standards: Audit of the Effectiveness of Internal Control over Financial Reporting, the user should be able to:
explain the role of risk assessment in the performance of both audits;
identify the controls to test using a top-down approach;
classify the identified deficiencies;
describe the evidence needed to support the auditor's opinion on internal control over financial reporting as of year-end; and
discuss the evidence required to support the auditor's control risk assessments for purposes of the audit of financial statements.