Financial statement audits 2016 - Seminar on Financial statement audits - risk assessments & the 2013 revised COSO Framework for Internal Controls

Overview:
This course will address issues for organizations that need to have an audit on their financial statements. Specifically, this course will address the procedures for conducting a risk assessment for errors and fraud from both the organization’s and auditor’s standpoint. We will review risks for financial statement preparation, operations and compliance. Methods for designing and assessing the effectiveness of internal controls, including the importance of monitoring the controls, will be discussed. We will review methods for documenting the internal controls of the organization. We will review the COSO Framework for Internal Controls and provide examples of how to implement the framework. Examples of preventive and detective controls will be provided and we will review the importance of internal controls and how they can reduce the time and cost of financial statement audits and reduce the risk of fines from compliance audits.
Why should you attend:
Financial statement audits are mandatory for public companies under the SEC rules. Governmental entities, not-for-profits, and non-public companies also commonly undergo audits. An evaluation of internal controls is a integral part of a financial statement audit. Organizations with good internal controls can reduce the risk of error and fraud throughout the organization. Organizations with good internal controls can reduce the time and cost of an audit.
Areas Covered in the Session:
? Internal controls designed to prevent errors and fraud
? Internal controls designed to detect errors and fraud
? Designing a good risk assessment
? Conducting a risk assessment
? Monitoring internal controls
? Using good internal controls to reduce audit costs
? Internal controls for operations
? Internal controls for compliance
Who will benefit:
? Professions in accounting fields such as Certified Public Accountants
? Certified Fraud Examiners
? Internal Auditors
? External Auditors
? Chief Financial Officers
? Controllers
? Accounting Managers
? Operations Managers and Business Owners would benefit from taking this course
? Additionally, anyone working in an accounting department or operations, who is responsible for accounting transactions, or compliance procedures within an organization would learn about assessing risk, designing and evaluating internal controls and the COSO Framework on internal Control.
Agenda:
Day 1:
Lecture 1: Audit Issues
Audit Risk
Risk of Material Misstatement
Reducing Audit Costs
Compliance Issues
Laws
Regulations
Lecture 2: Review the COSO Framework for Internal Control
Control Environment
Control Activities
Risk Assessment
Information & Communication
Monitoring
Lecture 3: Conducting a risk assessment
Identifying financial statement misstatements due to errors
Identifying financial statement misstatements due to fraud
Identifying compliance risks
Identifying operations risks
Lecture 4: Evaluating risks of misstatement
Risk assessment checklist
Assessing the severity of the risk
Assessing the likelihood of the risk
Risk in large organizations vs small & medium sized entities
Day 2:
Lecture 1: Designing internal controls
Internal controls for financial reporting
Internal controls for compliance
Internal controls for operations
Different types of internal controls
Preventive controls
Detective controls
Mitigating and compensating controls
Lecture 2: Evaluation of the internal controls
Evaluating and assessing internal controls
Key preventive controls
Key detective controls
The importance of monitoring controls
Lecture 3: The 2013 COSO Component Evaluation
Lecture 4: Cost effective internal controls
Using good internal controls to reduce audit costs
Cost vs Benefits analysis of controls
Using internal controls as part of the enterprise risk management process
Speaker:
Robert Minniti
Minniti CPA, LLC
Bob is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator. Bob is currently pursuing a doctoral degree in business administration at Walden University. Bob received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Bob is a professor teaching graduate and undergraduate courses in accounting, fraud examination, fraud criminology, ethics, forensic accounting, external audit, internal audit, tax, and real estate finance at DeVry University, Grand Canyon University, Northwestern University, and the University of Phoenix. He has designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College. He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, real estate financing, internal control development, business continuation planning, risk management, financial forecasting and Sarbanes-Oxley compliance work. Bob is an instructor teaching continuing professional education classes for the American Institute of Certified Public Accountants, Compliance Online, CPE Link. AccountingEd, Global Compliance Panel, Clear Law Institute and various state CPA Societies. Bob served on the American Board of Forensic Accounting for 5 years the final two years as Chairman of the Board. He also served on the Board of the American College of Forensic Examiners for two years.
Location: SFO, CA Date: November 10th & 11th, 2016 Time: 9:00 AM to 6:00 PM
Venue: DoubleTree by Hilton Hotel San Francisco Airport Address: 835 Airport Blvd., Burlingame CA 94010-9949
Price: $895.00 (Seminar fee for One Delegate)
Register now and save $200. (Early Bird) Until September 20, Early Bird Price: $895.00 From September 21 to November 08, Regular Price: $1,095.00
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