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Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Understanding and Testing Internal Control (UTIC)

8-Hour Program (Great industry course) (Available as a workshop)

WHY ATTEND THIS COURSE?

Internal controls over financial reporting are used to prevent, detect, and correct misstatement. They also help to reduce the chance that fraud will occur. The auditor is required to obtain an understanding of an entity’s controls as part of the risk assessment process. This workshop will provide participants with an opportunity to explore the design of controls over the significant systems typically found in a small- to mid-size client. Participants working in industry will find this course useful in challenging the level of internal controls currently implemented in their organizations. Participants will also learn to efficiently document their understanding of the controls and determine where it is either necessary or efficient to test them. This course focuses on the updated 2013 COSO Framework. It has been updated for SAS 132 on the auditor’s consideration of an entity’s ability to remain a going concern as well as for the new developments in handling cyber risk.

DESIGNED FOR...

  • Audit practitioners working on audits of non-public companies
  • Accountants in industry who want to improve their entity’s internal controls

OBJECTIVE

Participants will be able to:

  • Apply the five COSO elements of internal control
  • Differentiate between understanding and testing internal controls
  • Document the understanding of internal controls at the appropriate level
  • Test and document the results of tests of internal controls
  • Issue an AU 265 report 

MAJOR SUBJECTS

  • 2013 COSO Framework
  • Understanding the design of controls at the entity level and at the activity (financial statement assertion) level with an emphasis on manual control activities
  • Determining whether controls have been implemented
  • Effective and efficient tests of controls
  • Multi-purpose tests
  • Documentation techniques
  • Use of service auditor reports (AU 402)
  • AU 265 reporting requirements

COURSE ACRONYM: UTIC

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Intermediate

PREREQUISITES:

  • Basic audit course or experience

ADVANCE PREPARATION: None

FIELD OF STUDY: Auditing

RECOMMENDED CPE CREDIT: 8 hours

It is recommended that this course not be scheduled back-to-back with Essentials of Nonprofit Auditing (ENA).


Qualifies for the 24-hour Yellow Book requirement. Determination as to the qualification of certain courses for the Yellow Book 24-hour requirement should be made on an auditor-specific basis depending on that auditor’s Yellow Book clients. Note that the determination of course qualification is a matter of an auditor’s professional judgment in consultation with appropriate individuals in the audit firm. The 24 hours are a subset of the 80-hour requirement.


CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.