Surgent's Surging Auditors: Internal Out of Control - Download

Description

In this hands-on game, participants are helping to prepare an internal control testing plan for Home D‚cor & More (HDM). They must assess controls related to HDM's inventory cycle to determine which financial statement assertions each control satisfies, the quality of the control's design, and whether there is adequate segregation of duties. Then, they will complete the HDM control testing plan, including the level of reliance to place on each control and the test of control methods. Each participant wants to be spot-on with the evaluation before submitting the information to a manager for feedback.

Highlights

Objectives

• <span data-contrast="none" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW188965918 BCX0" style="background-color: transparent; white-space: pre-wrap; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; font-size: 11pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; font-variant-ligatures: none !important;">Explain the professional standards related to and rationale for understanding and testing internal controls <span class="EOP SCXW188965918 BCX0" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="background-color: transparent; white-space: pre-wrap; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; font-size: 11pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> 
• <span data-contrast="none" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW188965918 BCX0" style="background-color: transparent; white-space: pre-wrap; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; font-size: 11pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; font-variant-ligatures: none !important;">Discuss the professional standards related to testing controls for operating effectiveness <span class="EOP SCXW188965918 BCX0" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="background-color: transparent; white-space: pre-wrap; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; font-size: 11pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> 
• <span data-contrast="none" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW188965918 BCX0" style="background-color: transparent; white-space: pre-wrap; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; font-size: 11pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; font-variant-ligatures: none !important;">Illustrate the appropriate level of linkage between the work performed in testing internal controls, control reliance and reporting on internal controls <span class="EOP SCXW188965918 BCX0" data-ccp-props="{'201341983':0,'335559739':0,'335559740':240}" style="background-color: transparent; white-space: pre-wrap; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; font-size: 11pt; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif;"> 
• <span data-contrast="none" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW188965918 BCX0" style="background-color: transparent; white-space: pre-wrap; font-size: 11pt; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; line-height: 18px; font-family: Calibri, Calibri_EmbeddedFont, Calibri_MSFontService, sans-serif; font-variant-ligatures: none !important;">Identify impact of a control reliance strategy on the detailed audit plan<span data-contrast="none" xml:lang="EN-US" lang="EN-US" class="TextRun SCXW188965918 BCX0" style="background-color: transparent; white-space: pre-wrap; color: #000000; margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; font-size: 12pt; line-height: 19px; font-family: Arial, Arial_EmbeddedFont, Arial_MSFontService, sans-serif; font-variant-ligatures: none !important;">

Designed For

Accounting and financial service professionals needing a refresher on internal control testing plans and related standards