Attendance at this seminar will secure 4.5 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)
Web Based (Online)
YVONNE ROSSOUW
nerissa@probetatraining.co.za
Internal controls are essential for ensuring that financial statements are free from material misstatement and that companies comply with laws and regulations. Understanding and evaluating these controls is a critical responsibility for both management and auditors. This course provides a detailed examination of the role of internal controls during an audit, focusing on identifying, testing, and reporting control deficiencies.
Participants will gain insight into how various ISAs apply to internal controls, from ISA 250 (Compliance with Laws and Regulations) to ISA 315 (Risk Identification and Assessment), and learn how to communicate control deficiencies effectively under ISA 265. The course emphasizes practical applications in the documentation, evaluation, and testing of controls.
• Definition of controls and when a control is relevant to the audit • Responsibilities of management regarding internal controls • Responsibilities of the auditor concerning internal controls • Purpose and benefits of implementing internal controls • Understanding ISA 250: Controls to ensure compliance with laws and regulations • Application of ISA 265: Communicating deficiencies and significant deficiencies in internal controls to those charged with governance • Using ISA 315: Identifying and assessing risks of material misstatement through understanding the entity and its environment • Documenting controls relevant to the audit and system description requirements • Evaluating the design and implementation of internal controls • Determining the nature, timing, and extent of control testing • Applying sampling techniques to tests of controls • Identifying and reporting key audit matters related to internal controls
