Financial Statement Review and Internal Controls
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Program Professional Framework
Financial Statement Review and Internal Controls
Program Overview
Material errors and fraud usually leave traces in the numbers long before they are discovered. «Financial Statement Review and Internal Controls» shows reviewers how to read financial statements critically through analytical review, account-level risk assessment and red-flag analysis, and how to link those risks to the internal controls over financial reporting that should prevent or detect misstatement. Using the COSO Internal Control framework, participants document processes, assess control design, test operating effectiveness, evaluate deficiencies and report findings to management and audit committees.
Learning Outcomes
- ✓Perform an analytical review of financial statements and identify unusual balances and trends.
- ✓Assess account-level risks of material misstatement, including management override and fraud indicators.
- ✓Map financial reporting processes and identify key controls using the COSO Internal Control framework.
- ✓Test the design and operating effectiveness of key controls over revenue, purchases and the close process.
- ✓Evaluate control deficiencies by likelihood and magnitude and classify their severity.
- ✓Prepare a review report with findings and remediation actions for the audit committee.
Target Audience
- Financial controllers and reporting managers
- Internal auditors and ICFR testers
- Audit committee support and governance staff
- External audit seniors and managers
Detailed Program Modules
01Reading Financial Statements Critically
- Relationships between statements and notes
- Analytical review and ratio trends
- Quality of earnings indicators
02Risks of Material Misstatement
- Account and assertion-level risks
- Estimates and judgemental areas
- Fraud risk factors and red flags
03Internal Control Frameworks
- COSO Internal Control components and principles
- Entity-level and process-level controls
- IT general controls and application controls
04Documenting and Assessing Controls
- Process narratives and flowcharts
- Risk and control matrices
- Design effectiveness assessment
05Testing Controls and Balances
- Test of controls methods and sample sizes
- Substantive analytical procedures
- Journal entry and close process testing
06Deficiencies and Reporting
- Evaluating severity of deficiencies
- Remediation planning and follow-up
- Reporting to management and the audit committee
Training Methodology
Applied Project & Assessment
Applied Project
Participants review the financial statements of a provided entity, document the revenue or procure-to-pay process with a risk and control matrix, test selected controls, evaluate deficiencies and present a concise review report to a simulated audit committee.
Assessment
Short diagnostic at the start, practical tasks linked to each learning outcome, and evaluation of the applied project against published criteria.