Under generally accepted auditing standards (GAAS), all auditors are required to follow a risk-based approach to auditing. The consideration of internal control is key to risk assessment and to the determination of overall audit approach. In this CPE course, learn the requirements in a financial statement audit for understanding internal control, assessing the design and implementation thereof, and evaluating and communicating internal control deficiencies.
Recall the professional requirements relating to internal control considerations in a financial statement audit, including their relationship to risk assessment
Recognize how to implement the requirements in practice