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855-300-9391
 
Home > Accounting & Auditing > Internal Controls: Theory & Practice
Prerequisite
None
Knowledge Level
Basic
Copyright 2010

Publication Date
June, 2010
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: June 2010
Copyright © 2010 by Bisk Education, Inc. All rights reserved.
Recommended CPE Credits: 6 QAS/Registry (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 the authoritative guidance that defines this area. This course will discuss the important role internal control plays in achieving fair and accurate financial reporting that supports capital markets and protects investors. Internal Controls: Theory and Practice will discuss the laws and regulations that focus on activities designed to meet objectives related to the accuracy of financial reporting, as well as help the practitioner appreciate the significance and relevance of the COSO Report, and become familiar with the Sarbanes-Oxley Act of 2002. It will also introduce various documentation techniques, such as, internal control questionnaires, flowcharts, matrices, and narratives. 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 concepts in evaluating design effectiveness, including levels of control deficiencies (significant deficiencies vs. material weaknesses).

Use of Materials

Audio or DVD
The user should begin by watching the DVD segment or listening to the audio CD 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 or listening to the audio CDs 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 or audio CDs 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.

Software
The user should begin by reviewing the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. As the user studies each chapter, s/he should complete the interactive study questions that appear in the lower panel of the screen. 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 reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text that were difficult. When the user is ready, s/he should click on the link at the far left to complete the quizzer. The user should email her/his quizzer statistics using the quizzer submission link in the software and the user's CPE certificate will be mailed to her/him.



This program is divided into six (6) chapters.

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

Chapter 2 focuses on the definition of internal control.

Chapter 3 reveals the different components of internal control.

Chapter 4 discusses the various COSO publications that came after the COSO's original internal control model.

Chapter 5 discusses the highlights of the various regulations and standards that support internal control.

Chapter 6 closes with the costs, benefits, and limitations of internal control.

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 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.

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.

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

  • Discuss the significance of the Foreign Corrupt Practices Act of 1977 on internal controls for publicly traded companies

  • Outline the structure of the Treadway Commission and that it was formed in response to the S&L debacle

  • Explain the origins of the COSO Report (Internal Control—Integrated Framework)

  • List the steps taken to develop the COSO Framework and appreciate the thoroughness of the methodology employed

  • Describe some of the events that led to the passage of the Sarbanes-Oxley Act of 2002 (SOX)

  • List the similarities between the events that led to the COSO Report and the events that led to the Sarbanes-Oxley Act of 2002 (SOX)

  • Discuss the significance of the establishment of the Public Company Accounting Oversight Board (PCAOB) and understand its basic objectives

  • List the five components of good internal control in the COSO model and grasp their basic function in the model

  • Define the term "vertical alignment" and discuss its relationship to the COSO model

  • Identify the seven attributes to consider in shaping the control environment

  • Identify ways management can demonstrate its commitment to integrity and ethical values

  • Outline the role and importance of both vertical and horizontal alignment of objectives

  • Discuss the importance of IT controls

  • Distinguish between general and application controls

  • List that the main internal control provisions of SOX are found in §§302 and 404

  • Define the role and purpose of the Public Company Accounting Oversight Board (PCAOB)

  • Explain the basic requirements of the PCAOB's Auditing Standard (AS) No. 5 and to what organizations it applies

  • Identify the difference in control requirements between publicly traded and private companies

  • Discuss the source of internal control requirements for governmental and nonprofit organizations

  • Discuss the internal control requirements found in the Yellow Book audit standards of the Government Accountability Office (GAO)

  • Recognize that additional control requirements can be found in contracts, local legislation, and board directives

  • List the advantages and disadvantages of documenting controls using: narratives; traditional control questionnaires; control self-assessment questionnaires; control self-assessment workshops; flowcharts; matrices; and software

  • Discuss the role internal control can play in reducing awards under the Federal Sentencing Guidelines


Kyleen W. Hawkins, DBA, CPA, CGFM, is the Chief Financial Officer for Arkansas Medicaid. Prior to joining Arkansas Medicaid, Dr. Hawkins was the Director of Financial Services for University of Arkansas Cooperative Extension Service and before that Dr. Hawkins owned and managed a training and consulting business that assisted organizations in strengthening internal controls and addressing other corporate governance issues. In addition, Dr. Hawkins 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. Hawkins'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. Hawkins is an author for Bisk Education, Inc. In this role, she develops self-study continuing education courses for CPAs. (Author/Speaker)

Dr. 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. In addition, she is involved with various colleges and universities, including Hendrix College, Southern Illinois University, and University of Arkansas at Little Rock. (Speaker)

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