PCAOB AS 2201: An Audit of ICFR

The seminar reviews and answers the following questions:

• Audit Planning Process under PCAOB AS 2201

• Risk Assessment Underlies the Entire Audit Process

• Structure of the COSO and COBIT Internal Control Frameworks

• Best Practices within Entity-Level Controls

• Assessment of Entity-Level Controls

• Testing the Effectiveness of Key Controls

• Summary of PCAOB Guidance and Presentations

• This seminar is based on the history of PCAOB activities and guidance (See History of PCAOB ICFR Assessment Activities below)

Attendees will:

• Understand details within PCAOB AS 2201

• Identify methods for improving their audit workpapers

• Understand entity-level controls and their application to risks

• Learn the available guidance from the PCAOB

• Discuss how internal controls are used by clients manage risk and reduce fraud

Section 1 - Introduction and Background

• Introduction

• History of Audits of Public Companies

• Definition of Internal Control

• Review of PCAOB Standards

Section 2 - Top-Down vs. Control-Based Compliance

• Where did COSO Originate?

• How COSO has developed

• The risk-based approach within PCAOB AS 2201

Section 3 - Internal Control Frameworks Under SOX

• What Internal Control Frameworks can be used by clients

• COSO as defined in the Small Company Guidance

• The 17 COSO Principles - Valuable Reference Materials

• COBIT Information Technology Framework

Section 4 - PCAOB Auditing Standard 2201

• Guidance for PCAOB Registered Auditors

• Planning the Audit

• Using a Top-Down Approach

• Testing Controls

• Evaluating Identified Deficiencies

Section 5 - Entity-Level Internal Controls

• Assessing Entity-Level Controls

• Examples of Key Controls at the Entity Level by COSO Principle

• Best Practices within the Control Environment

Section 6 - Sarbanes-Oxley Act of 2002

• Titles and Sections

Section 7 - Testing of Controls

• Testing Process

• Standards for Documenting and Testing Key Controls

• Sample Size Logic

• Measuring the Maturity of Controls

Section 8 - Going Forward

• Future of Regulation

• Roadmap to Compliance

• Lessons Learned

• Building Sustainability

• Dave’s Top Ten

This CPE event focused on PCAOB AS 2201: An Audit of ICFR offers an insightful exploration of the standards and considerations essential for conducting an audit of internal control over financial reporting (ICFR).

This event aims to equip attendees with a comprehensive understanding of the requirements, procedures, and professional judgments necessary to perform an effective audit of ICFR in accordance with PCAOB AS 2201.

Attendees can expect to delve into the intricacies of assessing control design and operating effectiveness, evaluating deficiencies, and reporting on the effectiveness of ICFR. Through this comprehensive examination, participants will gain valuable insights into the complexities and implications of conducting an audit of ICFR as per PCAOB AS 2201.

By attending this event, professionals can enhance their proficiency in critically evaluating and communicating the effectiveness of ICFR, ensuring a robust grasp of the regulatory landscape and best practices within the realm of auditing internal controls over financial reporting.

Expanding your knowledge after the CPE event on PCAOB AS 2201: An Audit of ICFR can provide valuable insights into this complex subject matter. Here are some reputable sources, along with their web links, to further enhance your understanding:

• PCAOB Official Standards and Resources
  • The PCAOB's official standards and resources offer comprehensive guidance on the criteria and considerations involved in conducting an audit of internal control over financial reporting. This can provide detailed insights into the specific requirements and procedures outlined in AS 2201.
• SEC.gov - Regulations and Compliance Information
  • Exploring the regulatory landscape and compliance information provided by the U.S. Securities and Exchange Commission (SEC) can offer additional perspectives and insights, ensuring a comprehensive understanding of the industry best practices related to auditing internal controls over financial reporting.
• AICPA - Audit and Assurance Resources
  • Delving into the American Institute of Certified Public Accountants (AICPA) resources related to audit and assurance can enrich your understanding of the practical application of AS 2201 and the relevant auditing standards, providing valuable insights for professionals in the field.

By delving into these authoritative sources, you can deepen your expertise in the nuances of conducting an audit of internal control over financial reporting, ensuring that you are equipped with comprehensive insights to navigate the complexities of this regulatory landscape effectively.