Ultimquest Knowledge

This course provides practical guidance on evaluating and improving internal control systems in smaller organizations. It updates CPA members on internal control standards and frameworks, and explores key topics including fraud prevention, the Sarbanes Oxley legislation, COSO, Canadian auditing standards and assertions, and practice inspection findings on internal control evaluation in Canada. CPAs will gain practical knowledge and will be able to lead on internal control issues in their smaller entities. The main components of Internal Control will be outlined, including Operations, Financial Reporting, and Compliance. Internal Control evaluation will be explored, as well as control activities and processes that can be put into place.

Note: The contents of this course have some overlap with on-demand courses Fraud Prevention and Introduction to Internal Control. Recommendation is to take one of these three courses.

Learning Objectives

• Recognize the relationship between successful internal control and governance. 
• Identify warning signs in the absence of effective internal controls.
• Examine why people commit fraud and key principles to detect and mitigate risk.
• Implement the COSO framework and identify anticipated challenges. 
• Discuss Canadian auditing assertions in relation to internal control.  
• Analyze Practice Inspection findings (deficiencies and suggestions).
  
  

Topics Covered

• Components of internal control
• Absence of effective internal control systems
• Warning signs of problems
• Canadian auditing standards and audit assertions
• SOX and Canadian SEC requirements
• Findings of Public Companies Audit Oversight Board
• Canadian Practice Inspection Findings