For Management to assert that internal control over financial reporting is effective, evaluating design effectiveness and validating operating effectiveness are both required. Validating operating effectiveness is the process of determining that the controls are operating as designed.
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Learning Objectives:
By the end of the course, the learner will be able to:
- Distinguish between control design and operating effectiveness
- Define testing scope
- Build test plans
- Execute testing
- Analyze test results
- Update testing
Estimated Course Duration: 1 hour (1CPE)
Delivery Method: Online Self-Study
Field of Study: Auditing
Program Level: Intermediate
Advance Preparation/Prerequisites: None
Program Content:
Overview of 404 requirements around Validation of Effectiveness
Overview of Controls
- Control Levels
- Control Types
- Control Ownership
Define Testing Scopes
- Key Assumptions
- Roles and Responsibilities
Build Test Plan
- Determine Objectives
- Define Criteria
- Formalize Testing Plan
Execute Testing
- Conduct Tests
- Document Procedures and Results
Analyze Testing Results
- Evaluate Results
- Formulate Conclusions
Update Testing
- Address Deficiencies
- Finalize Operations Effectiveness Assertion
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In order to earn CPE credit, you must complete the training module within one year of enrollment and score 70% or above on the Final Exam.
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