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Monitoring & Reviewing Internal Accounting Controls
Consider internal controls and external audits and their importance in Securities and Exchange Commission oversightPreview the first lesson free — get full access to all 5 lessons.
Advanced Provider : Lori Hauck 5 Lessons · 13m in Arabic, German, English, Spanish, French, Portuguese, Chinese
Course Description
Independent audits are required for public companies in the United States. Audit standards require internal control reviews to be a part of the process for a complete audit where an opinion on a company’s financial statements is issued. Public companies also face oversight because they issue securities in the form of stocks and bonds, so there are reasons to protect the public from fraudulent financial reporting. Internal control processes and monitoring are an important part of maintaining integrity in all financial reporting.
In this course on internal controls, we’ll introduce the Securities and Exchange Commission, what oversight they have on companies, and what independent external audits are. Automation and technology are important tools in businesses and are gaining more traction. We’ll discuss their significance in internal controls. We’ll dive deeper into reviewing and monitoring a control plan once it’s been created and how technology can help organizations through all their financial processes.
What You'll Learn
- Understand why internal controls need to be monitored
- Examine how to monitor control activities and processes once a control plan is created
- Explore what an independent external audit is and its role in issuing an opinion on financial statements
- Discover the Securities and Exchange Commission (SEC) and the oversight role it has on companies
- Discuss the significance of automation and technology as tools in internal controls and financial processes
Key Takeaways
- Independent audits are required for public companies in the United States, and audit standards require internal control reviews as part of a complete audit where an opinion on a company's financial statements is issued.
- Public companies face oversight because they issue securities in the form of stocks and bonds, providing reasons to protect the public from fraudulent financial reporting.
- Internal control processes and monitoring are an important part of maintaining integrity in all financial reporting.
- Reviewing and monitoring a control plan continues after the plan has been created.
- Automation and technology are important tools that are gaining more traction and can help organizations through their financial processes.
Frequently Asked Questions
What topics does this course cover?
The course introduces the Securities and Exchange Commission and its oversight of companies, explains what independent external audits are, covers monitoring internal controls, and discusses the significance of automation and technology in internal controls and financial processes. Lessons include Introduction, Monitoring Internal Controls, Audits, The Securities and Exchange Commission (SEC), and a Test Your Knowledge section.
Why are internal control reviews and audits important for public companies?
Independent audits are required for public companies in the United States, and audit standards require internal control reviews to be part of a complete audit where an opinion on a company's financial statements is issued. Because public companies issue securities such as stocks and bonds, this oversight helps protect the public from fraudulent financial reporting.
What skills will I gain from this course?
The course develops skills in Control Panels, Corporate Financial Reporting, and Internal Controls Testing and Monitoring.
How does technology relate to internal controls in this course?
The course discusses the significance of automation and technology as important and increasingly used tools in businesses, and explores how technology can help organizations through all their financial processes when reviewing and monitoring a control plan.
