Take Control of Your Audit - Avoid Common Internal Control Missteps

Gain an understanding of common misconceptions on financial statement audits related to internal control over financial reporting.

• Recall the definitions of control, control risk, and what encompasses a client's internal control.
• Recall the intent of AU-C section 315A, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, and AU-C section 330, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained, including the interpretation of requirements.
• Recognize auditors' responsibilities when gaining an understanding of a client and its internal control.
• Recognize the impact of a client's internal control on the risk assessment and the nature, timing, and extent of further procedures.

• The audit risk model
• Key steps in evaluating internal control
• Missteps in evaluating internal control
• Linkage between AU-C and AU-330