Audit
Assessing Internal Controls
Control Systems, Deficiency Reporting, and Key Financial Cycles
4 CPD credits on completion
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Certificate on completion
Downloadable resources
Self-paced learning
About This Course
Course Information
The principles of internal control are the concepts that require management to set procedures in place to ensure company assets are safeguarded. In other words, these are the principles management uses to establish ways to protect company assets.
Certificate on Completion
This course is made up of videos, questions and additional reading materials, and accounts for 4 units of CPD . One unit is the equivalent of one hour of learning.
Course Sections
This CPD course is made up of the following sections:
- Internal controls (video)
- Internal control deficiencies (video)
- Internal controls and deficiencies (quiz)
- Control cycles (video)
- Control cycles (quiz)
What You Will Learn
- Identify the five components of an internal control system: control activities, risk assessment, information systems, monitoring, and the control environment
- Describe the auditor's step-by-step approach to reviewing and documenting internal control systems, including the use of flowcharts and detailed notes
- Distinguish between internal control questionnaires (ICQs) and internal control evaluation questionnaires (ICEQs) and explain when each is used
- Evaluate common control deficiencies across sales, purchases, payroll, inventory, and cash systems and recommend practical improvements
- Explain the purpose and content of the management report (also called the management letter) used to communicate deficiencies to those charged with governance under ISA 265
- Apply control cycle knowledge to trace transactions through the sales, purchase, payroll, inventory, and cash systems, identifying risks and controls at each stage
Who This Course Is For
- Trainee auditors preparing for professional exams that cover ISA 315 and ISA 265
- Accountants involved in reviewing or designing internal control systems within their organisations
- Finance professionals who work with external auditors and want to understand how control deficiencies are identified and reported
- Internal auditors responsible for monitoring control effectiveness across financial systems
Prerequisites
- A basic understanding of financial statements and how transactions flow through accounting systems
- Familiarity with the role of external auditors and the general audit process
Frequently Asked Questions
Course Details
CPD Credits4
CertificateYes
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Everything included in your subscription:
CPD certificate on completion
Downloadable resources
Self-paced learning
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24/7 access
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