This course provides practical guidance on evaluating and improving internal control systems in any organization. It updates CPA members on internal control standards and frameworks, and explores key topics including fraud prevention, the Sarbanes Oxley legislation, COSO, Canadian auditing standards and assertions, and practice inspection findings on internal control evaluation in Canada. CPAs will gain practical knowledge and will be able to lead on internal control issues in their organizations. The main components of Internal Control will be outlined, including Operations, Financial Reporting, and Compliance. Internal Control evaluation will be explored, as well as control activities and processes that can be put into place.
Learning Objectives:
Recognize the relationship between successful internal control and governance.
Identify warning signs in the absence of effective internal controls.
Examine why people commit fraud and key principles to detect and mitigate risk.
Implement the COSO framework and identify anticipated challenges.
Discuss Canadian auditing assertions in relation to internal control.
Analyze Practice Inspection findings (deficiencies and suggestions).
Topics Covered:
Components of internal control
Absence of effective internal control systems
Warning signs of problems
Canadian auditing standards and audit assertions
SOX and Canadian SEC requirements
Findings of Public Companies Audit Oversight Board
Canadian Practice Inspection Findings