See Credit Details Below
CPE credit (NASBA QAS Self-Study) is available by completing and passing the program’s CPE Review & Exam.
Upon the successful completion of this program, the participant will be able to:
- Recall foundational issues associated with internal control over financial reporting, including its definition, related reporting requirements, and types of control deficiencies.
- Outline key concepts and issues involved in evaluating the severity and magnitude of a control deficiency.
- Recognize key considerations for remediating control deficiencies and making related communications.
This program will focus on:
- The ownership of internal controls and testing over design and operating effectiveness of internal controls.
- Determining whether a control deficiency is a material weakness or a significant deficiency:
- Evaluating severity in terms of magnitude/potential
- Evaluating compensating controls and remedial actions with mitigating effects
- Evaluating the severity of control deficiencies in aggregation.
- Evaluating the effect of control deficiencies on the substantive audit.
- Building a specific plan to remediate control deficiencies.
- Testing strategies to determine the success of remediation plans.
- Making appropriate communications about control deficiencies and remediation.
CPE Program Level: Update
Intended Audience: CPAs, accountants, attorneys, and other professionals who deal with SEC reporting and disclosure, and related accounting issues, including in-house counsel, outside attorneys, chief financial officers (CFOs) and their staff, internal auditors, and partners of public accounting firms and their staff.
Prerequisites: A basic understanding of internal control over financial reporting deficiencies and the remediation thereof.
Advanced Preparation: None
Instructional Method: QAS Self-Study
Updated: May 2021
Credit Information: 1 CPE credit is available upon completion of this program’s 3 content-review questions and a minimum passing score of 70% on the 5-question final exam.