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Designing and Evaluating Internal Controls for Smaller Entities (LIAA15/23)

Event Description

There is simply no denying that a sufficiently designed and effectively operating system of internal controls over reliable financial reporting is more important than ever.  The primary objective of this course is to give participants “hands-on” practice in designing, evaluating, and communicating conclusions related to design and operating effectiveness of internal controls over reliable financial reporting and other risks for smaller, less-complex, environments.

Designed For

Accountants who are responsible for evaluating the design and implementation of internal controls


  • Discuss the evolution of internal control through the decades
  • Describe the revamped 2013 COSO Internal Control – Integrated Framework, including how the various components and principles interrelate to form a strong system of internal control over reliable financial reporting 
  • Explain best practices for designing, implementing and monitoring internal controls over reliable financial reporting 
  • Apply exercises and case studies to reinforce fundamental theory through “real-life” scenarios that both internal and external accounting personnel performing internal control-related activities in a wide variety of industries can relate

Major Subjects

  • Recognizing the importance of each of the key components of a sound system of internal controls over financial reporting, regardless of entity’s nature, size or complexity
  • Exercise in documenting an understanding of the design of internal controls for common classes of transactions for smaller entities
  • Understanding the critical role of information technology (IT) general and application controls to reliable financial reporting, even in less-complex IT environments
  • Identifying and evaluating the sufficiency of key controls to satisfy control objectives
  • Understanding the importance of verifying whether an understanding of the design of internal controls has actually been “implemented”, and how to exactly go about doing that
  • Case study on testing key controls to gain assurance about operating effectiveness