Surgent's Surging Auditors: Internal Out of Control
May 1st, 2026 - April 30th, 2027 @ -
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Credits
1Description
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.Objectives
- Explain the professional standards related to and rationale for understanding and testing internal controls
- Discuss the professional standards related to testing controls for operating effectiveness
- Illustrate the appropriate level of linkage between the work performed in testing internal controls, control reliance and reporting on internal controls
- Refresher on understanding internal controls
- When testing internal controls is required
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The Maine Society of Certified Public Accountants
Patricia Brigham, Executive Director
PO Box 17735
Portland, ME 04112-8735
Email: [email protected]