PCAOB AS 2201: An Audit of ICFR
Elevate your auditing expertise with our PCAOB AS 2201 Training Webinar, a focused 4 CPE-credit program that equips professionals with the skills and knowledge needed to effectively audit Internal Controls Over Financial Reporting (ICFR). Whether you're an external auditor, internal auditor, or compliance professional, this course is tailored to help you meet PCAOB requirements and strengthen your audit practices.
Why Attend?
1. Master ICFR Audit Techniques - Gain a thorough understanding of the documentation, testing, and evaluation of internal controls under PCAOB AS 2201.
2. Stay Compliant - Learn to apply best practices and align with industry regulations, including Sarbanes-Oxley requirements.
3. Strengthen Risk Management - Understand how entity-level controls are assessed and utilized to identify fraud risks and operational vulnerabilities.
4. Earn 4 CPE Credits - Boost your credentials with this NASBA-approved training focused on auditing and IT practices.
What You’ll Learn
This webinar delivers a balanced blend of regulatory insights and practical frameworks to improve your ICFR audit capabilities.
Key Topics Include:
1. Introduction to PCAOB AS 2201
- Understand the history and purpose of auditing public company ICFR.
- Explore the scope of regulatory standards and PCAOB expectations.
2. Internal Control Frameworks
- Review COSO and COBIT frameworks and their applications to SOX compliance.
- Learn the 17 COSO principles and how they apply to entity-level controls.
3. ICFR Audit Planning and Execution
- Build effective audit plans using a risk-based top-down approach.
- Learn the methods for testing key controls and identifying deficiencies.
4. Documentation and Reporting
- Master the requirements for audit workpapers, sample size logic, and control maturity assessments.
- Improve your ability to evaluate and communicate findings effectively.
Special Highlights:
- Fraud Risk Reduction: Discuss how internal controls minimize fraud and improve operational integrity.
- Practical Guidance: Apply real-world techniques to ensure sustainability and compliance in your audit work.
Benefits of Attending
By participating in this training, you will:
- Optimize Audit Practices: Gain insights into testing procedures and control evaluations that align with PCAOB guidelines.
- Enhance Compliance Readiness: Improve documentation processes to meet industry standards effectively.
- Strengthen Decision-Making Skills: Gain a clearer understanding of risk management through top-down audit strategies.
- Advance Career Growth: Earn 4 CPE credits showcasing your expertise in ICFR audits.
Event Details
- Schedule: Available every eight weeks, Tuesday from 10 a.m.–2:30 p.m. CST.
- Format: Group internet-based webinar.
- CPE Credits: 4 NASBA-approved credits in Auditing and Information Technology.
- Cost: $280.
- Private Courses: Custom options for teams of 2 or more available.
Who Should Attend?
This course caters to professionals responsible for ICFR audits or compliance, including:
- External Auditors: Develop robust ICFR testing techniques to enhance audit quality.
- Internal Auditors: Strengthen your understanding of controls and improve your SOX compliance practices.
- Compliance Officers: Acquire tools and frameworks to assess and mitigate organizations' risks effectively.
Why ICFR Audits Matter
ICFR audits play a critical role in organizational governance, ensuring financial reporting integrity and transparency. This training empowers professionals to:
- Build Trust: Demonstrate reliability by producing accurate, thorough audit reports.
- Improve Operational Oversight: Strengthen control environments to reduce financial misstatements.
- Ensure Regulatory Compliance: Align practices with PCAOB auditing standards and SOX requirements.
Register Today
Don’t miss this opportunity to enhance your skills and build expertise in ICFR audits. This 4-CPE credit training program provides the tools and techniques you need to excel in today’s dynamic regulatory landscape.
Register now to secure your spot and take a step closer to mastering PCAOB AS 2201!
Details on Event Presentation
Offered every eight weeks on Tuesdays at 10:00 a.m. to 2:30 p.m. Central Time in four CPE-Credit event.
We can schedule private events on your timetable for two or more attendees.
NASBA Program Disclosure
Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing, Information Technology
CPE Credits: 4, based on 50 minutes of instruction per hour
CPE Event Highlights
The seminar reviews and answers the following questions:
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Audit Planning Process under PCAOB AS 2201
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Risk Assessment Underlies the Entire Audit Process
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Structure of the COSO and COBIT Internal Control Frameworks
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Best Practices within Entity-Level Controls
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Assessment of Entity-Level Controls
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Testing the Effectiveness of Key Controls
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Summary of PCAOB Guidance and Presentations
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This seminar is based on the history of PCAOB activities and guidance (See History of PCAOB ICFR Assessment Activities below)
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Learning Objectives
Attendees will:
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Understand details within PCAOB AS 2201
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Identify methods for improving their audit workpapers
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Understand entity-level controls and their application to risks
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Learn the available guidance from the PCAOB
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Discuss how internal controls are used by clients manage risk and reduce fraud
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Key Issues on the Agenda
Section 1 - Introduction and Background
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Introduction
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History of Audits of Public Companies
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Definition of Internal Control
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Review of PCAOB Standards
Section 2 - Top-Down vs. Control-Based Compliance-
Where did COSO Originate?
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How COSO has developed
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The risk-based approach within PCAOB AS 2201
Section 3 - Internal Control Frameworks Under SOX-
What Internal Control Frameworks can be used by clients
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COSO as defined in the Small Company Guidance
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The 17 COSO Principles - Valuable Reference Materials
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COBIT Information Technology Framework
Section 4 - PCAOB Auditing Standard 2201-
Guidance for PCAOB Registered Auditors
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Planning the Audit
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Using a Top-Down Approach
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Testing Controls
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Evaluating Identified Deficiencies
Section 5 - Entity-Level Internal Controls-
Assessing Entity-Level Controls
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Examples of Key Controls at the Entity Level by COSO Principle
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Best Practices within the Control Environment
Section 6 - Sarbanes-Oxley Act of 2002-
Titles and Sections
Section 7 - Testing of Controls-
Testing Process
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Standards for Documenting and Testing Key Controls
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Sample Size Logic
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Measuring the Maturity of Controls
Section 8 - Going Forward-
Future of Regulation
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Roadmap to Compliance
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Lessons Learned
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Building Sustainability
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Dave’s Top Ten
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Summary of the Subject Matter
This CPE event focused on PCAOB AS 2201: An Audit of ICFR offers an insightful exploration of the standards and considerations essential for conducting an audit of internal control over financial reporting (ICFR).
This event aims to equip attendees with a comprehensive understanding of the requirements, procedures, and professional judgments necessary to perform an effective audit of ICFR in accordance with PCAOB AS 2201.
Attendees can expect to delve into the intricacies of assessing control design and operating effectiveness, evaluating deficiencies, and reporting on the effectiveness of ICFR. Through this comprehensive examination, participants will gain valuable insights into the complexities and implications of conducting an audit of ICFR as per PCAOB AS 2201.
By attending this event, professionals can enhance their proficiency in critically evaluating and communicating the effectiveness of ICFR, ensuring a robust grasp of the regulatory landscape and best practices within the realm of auditing internal controls over financial reporting.
Authoritative Sources
Expanding your knowledge after the CPE event on PCAOB AS 2201: An Audit of ICFR can provide valuable insights into this complex subject matter. Here are some reputable sources, along with their web links, to further enhance your understanding:
- PCAOB Official Standards and Resources
- The PCAOB's official standards and resources offer comprehensive guidance on the criteria and considerations involved in conducting an audit of internal control over financial reporting. This can provide detailed insights into the specific requirements and procedures outlined in AS 2201.
- SEC.gov - Regulations and Compliance Information
- Exploring the regulatory landscape and compliance information provided by the U.S. Securities and Exchange Commission (SEC) can offer additional perspectives and insights, ensuring a comprehensive understanding of the industry best practices related to auditing internal controls over financial reporting.
- AICPA - Audit and Assurance Resources
- Delving into the American Institute of Certified Public Accountants (AICPA) resources related to audit and assurance can enrich your understanding of the practical application of AS 2201 and the relevant auditing standards, providing valuable insights for professionals in the field.
By delving into these authoritative sources, you can deepen your expertise in the nuances of conducting an audit of internal control over financial reporting, ensuring that you are equipped with comprehensive insights to navigate the complexities of this regulatory landscape effectively.
- PCAOB Official Standards and Resources