Upon completion of this course, participants will be able to:

• Describe how to properly satisfy the requirement to evaluate and communicate internal control matters noted during the course the financial statement audit
• Recognize  considerations in properly categorizing internal control deficiencies as an inconsequential matter, significant deficiency, or material weakness
• Identify  significant audit matters to communicate with those charged with governance 
• Recognize ways for reporting entities to assume greater responsibility for internal control over financial reporting   

Major Topics:  

• Identifying & Evaluating Internal Control Deficiencies – Emphasizing the importance of identifying both design and operating effectiveness deficiencies during the course of the audit, and how to properly categorize deficiencies as inconsequential, significant or material
• Considering the Impact of Internal Control Deficiencies - The impact on the auditor’s conclusions related to risk of material misstatement, sufficient appropriate audit evidence to support the financial statement audit opinion, and independence
• Communicating Internal Control Deficiencies to Those Charged with Governance – How to fulfill requirements in a way that emphasizes to the client the value and importance of giving proper dedication to understanding, consciously evaluating and concluding on an appropriate response to identified deficiencies
• Communicating Other Significant Audit Matters to Governance – What to communicate and when
• Extensive illustrative examples will be used to reinforce a practical understanding of the most critical principles and standards that support a high-quality, insightful, and profitable engagement   

Field of Study:  Auditing 

Recommended CPE Credit Hours:  2.0 

Course Level: Basic 

Prerequisites:  None

Designed For: Anyone who is new to auditing or desires a refresher in how to perform effective and efficient financial statement audits for non-issuers in accordance with professional and regulatory standards. 

Instructor:  Jennifer Louis, CPA 

Publication Year:  2017

Expiration Date:  Course content is reviewed annually and revised with neccessary changes or else the course is removed.

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Jennifers's Biography:   

Jennifer F. Louis, CPA has over 22 years of experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organization success. In 2003 she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical and engaging accounting and auditing training.

She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. She currently resides in Vienna, VA.