1-Hour Program

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.

Course Overview:

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.


Credit Details

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