NOT1902. Best Practices in Documenting Internal Controls for Risk Assessments

Track: 
Accounting & Auditing
Field of Study: 
Auditing
CPE Credit: 
1.5
Knowledge Level: 
Intermediate
Advanced Preparation: 
None
Prerequisite: 
Basic knowledge of not-for-profit operations, auditing, accounting and/or compliance requirements. General experience working in, or auditing, not-for-profits, including those NFPs audited under GAGAS.

Monday, June 10, 2019
 
2:05PM-3:20PM

A study by the AICPA's Peer Review Program found that more than one in 10 firms are not properly assessing risk or linking their assessments to their audit procedures. Of these deficiencies, 40% related to failure to gain an understanding of internal control when identifying the client's risks. Without understanding the nature of the client's controls, auditors can't identify related risks or design appropriate responses. This course will review the best practices in proper documentation of control risks for risk assessment.

Learning Objectives:

  • Recognize factors that should be considered when conducting your audit risk assessment
  • Identify best practices in documenting control risks as part of the audit risk assessment


SESSION SPEAKER(S)

CPA
Director | Cherry Bekaert LLP
CPA
NFP Industry Technical Leader | Plante Moran,PLLC