Seminar on Financial statement audits - risk assessments & the 2013 revised COSO Framework for Internal Controls

Overview:

This course will address issues for organizations that need to have an audit on their financial statements. Specifically, this course will address the procedures for conducting a risk assessment for errors and fraud from both the organization’s and auditor’s standpoint. We will review risks for financial statement preparation, operations and compliance. Methods for designing and assessing the effectiveness of internal controls, including the importance of monitoring the controls, will be discussed. We will review methods for documenting the internal controls of the organization. We will review the COSO Framework for Internal Controls and provide examples of how to implement the framework. Examples of preventive and detective controls will be provided and we will review the importance of internal controls and how they can reduce the time and cost of financial statement audits and reduce the risk of fines from compliance audits.

Why should you attend:

Financial statement audits are mandatory for public companies under the SEC rules. Governmental entities, not-for-profits, and non-public companies also commonly undergo audits. An evaluation of internal controls is a integral part of a financial statement audit. Organizations with good internal controls can reduce the risk of error and fraud throughout the organization. Organizations with good internal controls can reduce the time and cost of an audit.

• Internal controls designed to prevent errors and fraud
• Internal controls designed to detect errors and fraud
• Designing a good risk assessment
• Conducting a risk assessment
• Monitoring internal controls
• Using good internal controls to reduce audit costs
• Internal controls for operations
• Internal controls for compliance

Who will benefit:

• Professions in accounting fields such as Certified Public Accountants
• Certified Fraud Examiners
• Internal Auditors
• External Auditors
• Chief Financial Officers
• Controllers
• Accounting Managers
• Operations Managers and Business Owners would benefit from taking this course
• Additionally, anyone working in an accounting department or operations, who is responsible for accounting transactions, or compliance procedures within an organization would learn about assessing risk, designing and evaluating internal controls and the COSO Framework on internal Control.

Day 1:

Lecture 1: Audit Issues

Audit Risk

Risk of Material Misstatement

Reducing Audit Costs

Compliance Issues

Laws

Regulations

Lecture 2: Review the COSO Framework for Internal Control

Control Environment

Control Activities

Risk Assessment

Information & Communication

Monitoring

Lecture 3: Conducting a risk assessment

Identifying financial statement misstatements due to errors

Identifying financial statement misstatements due to fraud

Identifying compliance risks

Identifying operations risks

Lecture 4: Evaluating risks of misstatement

Risk assessment checklist

Assessing the severity of the risk

Assessing the likelihood of the risk

Risk in large organizations vs small & medium sized entities

Day 2:

Lecture 1: Designing internal controls

Internal controls for financial reporting

Internal controls for compliance

Internal controls for operations

Different types of internal controls

Preventive controls

Detective controls

Mitigating and compensating controls

Lecture 2: Evaluation of the internal controls

Evaluating and assessing internal controls

Key preventive controls

Key detective controls

The importance of monitoring controls

Lecture 3: The 2013 COSO Component Evaluation

Lecture 4: Cost effective internal controls

Using good internal controls to reduce audit costs

Cost vs Benefits analysis of controls

Using internal controls as part of the enterprise risk management process

Speaker:

Robert Minniti

Minniti CPA, LLC

Bob is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator. Bob is currently pursuing a doctoral degree in business administration at Walden University. Bob received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Bob is a professor teaching graduate and undergraduate courses in accounting, fraud examination, fraud criminology, ethics, forensic accounting, external audit, internal audit, tax, and real estate finance at DeVry University, Grand Canyon University, Northwestern University, and the University of Phoenix. He has designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College. He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, real estate financing, internal control development, business continuation planning, risk management, financial forecasting and Sarbanes-Oxley compliance work. Bob is an instructor teaching continuing professional education classes for the American Institute of Certified Public Accountants, Compliance Online, CPE Link. AccountingEd, Global Compliance Panel, Clear Law Institute and various state CPA Societies. Bob served on the American Board of Forensic Accounting for 5 years the final two years as Chairman of the Board. He also served on the Board of the American College of Forensic Examiners for two years.

Location: SFO, CA Date: November 10th & 11th, 2016 Time: 9:00 AM to 6:00 PM

Venue: DoubleTree by Hilton Hotel San Francisco Airport   Address:  835 Airport Blvd., Burlingame CA 94010-9949

Price: $895.00 (Seminar fee for One Delegate)

Register now and save $200. (Early Bird) Until September 20, Early Bird Price: $895.00    From September 21 to November 08, Regular Price: $1,095.00

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