Internal Control Fundamentals

AU-C Section 315 requires the auditor to gain an understanding of the entity and its environment and the entity's internal controls in order to design appropriate audit procedures. This course will review the key requirements of COSO which is one of the most widely used internal control frameworks. We'll also review the limitations of internal controls. Additionally, this course will introduce the risk assessment process and the various audit procedures to evaluate controls and to determine whether to test operating effectiveness of controls.

Upon completing this course, learners will be able to:
Identify the five components of COSO
Recognize examples of control activities
Recall the limitations of internal controls