Evaluating the Design and Implementation of Identified Controls

“Walkthroughs? Why are we talking about walkthroughs? I’m doing a substantive audit!” Unfortunately, this is the thinking of many engagement teams.  This is especially true to those who are not performing a PCAOB audit. However, as you'll learn in this internal controls CPE course, auditors must evaluate the design and implementation of identified controls for any audit. The way we document our procedures is, you guessed it, a walkthrough!

This internal controls CPE eLearning course (1.5 CPE) details the various controls within the control activities component of an entity’s system of internal control. After that, you learn how identify those relevant or key controls. We must evaluate the design and implementation (D&I) of these identified controls by performing risk assessment procedures. Finally, we learn about walkthroughs, specifically what they are, the key elements, and how they are documented by auditors.

This internal controls CPE course is based on the revised guidance within SAS 145 Understanding the Entity and Its Environment and Assessing the Risk of Material Misstatement which is codified in AU-C section 315 of the same title.

Topics covered include:

• Overview of internal controls
• Evaluating the design and implementation (D&I) of identified controls
• Performing walkthroughs

If you are an auditor who audits financial statements in accordance with Public Company Accounting Oversight Board (PCAOB) auditing standards, U.S. generally accepted auditing standards (U.S. GAAS), or International Standards of Auditing (ISAs), this internal controls CPE course, part of the Internal Controls – The Essentials course collection, is an absolute must.

Interested in group discounts for your firm or team? Contact us to learn more.

 By the end of this course, you should be able to: 

• Recall types of controls in the control activities component within an entity’s system of internal control
• Identify relevant controls for which the auditor is required to evaluate their design and determine implementation, and what this means from an auditing perspective 
• Recall the key concepts of a walkthrough