Bisk CPEasy - America's Best Selling CPE Programs for Public & Industry CPAs Since 1971
About CPEasy    Inquiries    Free Demo    Noted Authors    Learning Formats    FAQ    Contact Us    News
Bisk CPEasy - America's Best Selling CPE Programs for Public & Industry CPAs Since 1971
 
855-300-9391
Login
Forgot Username/Password? Already have an account? Click below to login:
New user? Please register to get an account:
Cart
Total $0.00
CPE Shopping Cart Cart contains 0 items
View Cart  |  
Product Search


Advanced Search:



855-300-9391
 
Home > Accounting & Auditing > Internal Controls: Theory & Practice
Prerequisite
None
Knowledge Level
Basic
Copyright 2013

Publication Date
July, 2013
Internal Controls: Theory & Practice
Introduction Organization Learning Objectives Author Bios
Title: Internal Controls: Theory and Practice
Prerequisite: None
Advance Preparation: None
Knowledge Level: Basic
Subject Matter Area: Auditing
Date of Publication: July 2013
Copyright © 2013 by Bisk Education, Inc. All rights reserved.
Recommended CPE Credits:  
     Textbook w/Video Online: 8 QAS/Registry (based on 50-minute hour)
     Textbook Only & Online: 6 QAS/Registry (based on 50-minute hour)
Expiration Date: One year from date of receipt to complete program and submit quizzer to obtain credit
Passing Grade for Quizzer: 70 percent or higher


With internal control issues gaining attention in recent years, practitioners should be well-versed in this area. This course discusses the important role internal control plays in achieving fair and accurate financial. It reviews the laws and regulations that focus on activities designed to meet objectives related to the accuracy of financial reporting. This program provides a review of the origins and development of the COSO internal control model. It has been updated to reflect recent revisions in the COSO internal control Framework, and will cover the definition, objectives, and elements of internal control. Current regulations require assessments by management and auditors on the design and operational effectiveness of controls. To assist practitioners with these requirements, this program will describe the five components of internal control, along with the seventeen principles, and accompanying points of focus, that relate to each of the components. Finally, it will cover the costs, benefits, and limitations of internal control.

Use of Materials

DVD
The user should begin by watching the DVD segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, the user should complete the study questions at the end of the chapter and review the answers. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the DVD and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or DVD that were difficult. When the user is ready, s/he should complete the quizzer. Reviewing notes periodically will increase retention of the material.

Online
The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the streamed video, if any, or listening to the streamed audio, if any, and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio, if any, that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.



This program is divided into nine (9) chapters and an appendix.

Chapter 1 reviews the origins and development of the COSO internal control model

Chapter 2 focuses on the definition and elements of internal control

Chapter 3 describes the control environment component of internal control

Chapter 4 describes the risk assessment component of internal control

Chapter 5 describes the control activities component of internal control

Chapter 6 describes the information and communication component of internal control

Chapter 7 describes the monitoring activities component of internal control

Chapter 8 closes with the costs, benefits, and limitations of internal control

Chapter 9 contains a glossary that defines frequently used key terms

The Appendix lists the internal control components, principles, and points of focus


Helpful Guidance

Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designations:

A Biskalert is intended to warn the practitioner of a particular situation that may require action or other consideration by the client/the practitioner on behalf of the client.

A Biskpoint presents analysis or commentary that attempts to explain or clarify authoritative guidance.

A Bisktip provides practical advice that may be used to help improve client service or service to the practitioner's organization.



Upon successful completion of this program, the user should be able to:

  • Explain the basic concepts of internal control

  • Describe the development and purpose of the COSO Framework

  • Describe the three categories of objectives for internal control and list the specific kinds of objectives that would fit in each

  • Identify the five components of internal control and explain their relationship to objectives

  • Discuss the role of principles in the COSO Framework and their relationship to components

  • Explain the difference between responsibility and accountability and the role of both in internal control

  • Describe the relationship between corporate culture and the control environment

  • Identify four principles of risk assessment in a system of internal control

  • Discuss how the establishment and alignment of objectives relate to risk assessment

  • Describe recommendations for assessing fraud risk and identify elements of the fraud triangle

  • Identify the control activities principles related to internal control

  • Discuss the difference between business process versus transaction control activities

  • Describe how an organization should deploy control activities

  • Identify the principles relating to information and communication for internal control

  • Discuss obtaining, generating, and using information

  • Describe the differences in communication that result from communicating internally versus externally

  • Identify the principles of monitoring activities relating to internal control

  • Differentiate between monitoring and control activities, and discuss factors affecting the mix of monitoring activities selected

  • Describe limitations of internal control


Kyleen W. Prewett, DBA, CPA, CGFM, is the Chief Financial Officer for the University of Arkansas Division of Agriculture – Cooperative Extension Service. Arkansas Medicaid. Prior to current position, Dr. Prewitt was Chief Financial Officer for Arkansas Medicaid, Director of Financial Services for University of Arkansas Cooperative Extension Service, and also owned and managed a training and consulting business that assisted organizations in strengthening internal controls and addressing other corporate governance issues. In addition, Dr. Prewitt has published in such journals as The Journal of Corporate Accounting and Finance, The Journal of International Accounting, Auditing, and Taxation, The Internal Auditor, and the Journal of Government Financial Management. Dr. Prewitt's previous work experience includes teaching for the University of Arkansas at Little Rock, employment with the Division of Legislative Audit in Louisiana and various accounting positions with health care, construction, and oil and gas companies. In addition to her other responsibilities, Dr. Prewitt is an author for Bisk Education, Inc. In this role, she develops self-study continuing education courses for CPAs. (Author/Speaker)

Karen M. Oxner, DBA, CPA, is an Associate Professor and Chair of the Department of Economics and Business at Hendrix College. Prior to joining Hendrix College in 1997, she held the position of Internal Audit Senior for the Environmental Systems Company. She began her career with Ernest and Young (Little Rock) as an auditor and consultant. She has written for numerous publications and has conducted various presentations for professional organizations. She is a member of the American Accounting Association and the Arkansas Society of CPAs. (Author)

Tom Oxner, Ph.D., CPA is a Professor and Chairman of the Department of Accounting at the University of Central Arkansas. Prior to joining the University of Central Arkansas in 1997, he taught at Northwestern State University, the University of Arkansas at Little Rock and Texas A&M University. He was employed at Arthur Andersen and had been involved in consulting projects with numerous clients. He has authored over sixty articles for professional journals and presented at various professional meetings. He is a member of the Arkansas Society of CPAs. (Speaker)

Buy Now
Select your learning format 
Qty. FormatCreditsProduct # Unit Price Ext Price
2470 Online8ONL2735 $115.00
2466 TextBooks6CPE2732B $109.00
2545 Video DVD8CPE2731DQ $179.00
 
Please Download Flash or Enable JavaScript
Site Search
CheckPoint Learning Virtual Conferences
New Tax Research Certificate Program
Firm-wide Training with CPE Network
Free Weekly Podcasts
Monthly News Reports
CPE for Certified Financial Planners
Upcoming Tradeshows
CyberSource Logo

Security & Privacy
Every transaction on CPEasy.com is secure. Any personal information you give us will be handled according to our Privacy Policy.

Returns Are Easy
Not quite right? Access our return policy by clicking Return Policy.
CPE Sponsors Logo
Bisk CPEasy is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

Enrolled Agents Sponsor ID Number: 1KOBG. We have entered into an agreement with the Office of Professional Responsibility, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the Office of Professional Responsibility as to the quality of the program or its contribution to the professional competence of the enrolled individual.