NOTE: This is Part 2 of a two-part course (Part 1 is not obligatory, but recommended).
As auditors, CPAs are responsible for identifying and assessing the risks of material misstatement in the financial statements (whether caused by error or fraud) through understanding the entity and its environment, including the entity's internal controls. This course is one of the most comprehensive audit guides available, providing you with a methodology for minimizing the risk of material misstatement to conduct more efficient and effective audits. Part 2 of this two-part course goes into greater depth, covering manual internal controls, extraordinary risks to those controls, and how to foster a positive control environment.
Upon successful completion of this course, participants will be able to:
- Cite a wide variety of components that foster an effective internal control system
- Identify how maximizing the control environment will minimize the risk of material misstatement
- Cite ways to assess and prioritize risks of material misstatement at the relevant assertion level
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