Internal controls are required to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. This course will describe the importance of internal controls and the purpose of the audit committee. This course will review the goals for internal controls and discuss the internal control framework used by most companies based in the United States. This course will describe the interrelated components of an effective internal control system. This course will discuss the importance of identifying audit risk. Finally, this course will discuss the difference between control deficiency, significant deficiency, and material weakness.

Learning Objectives

At the end of this course, students will be able to:

• Identify the purpose of internal controls
• Identify the purpose of an audit committee.
• Recognize the goals for internal controls.
• Recognize the internal control framework used by most companies based in the United States.
• Identify the interrelated components for an effective internal control system.
• Recognize the purpose of identifying audit risk.
• Recognize the difference between control deficiency, significant deficiency, and material weakness.