This course is designed to provide an overview of the importance of internal controls over financial reporting, auditor and auditee responsibilities of an audit engagement, and how to use the Georgia Department of Audits and Accounts checklist as a control tool when preparing financial statements. Some of the information included in the course pertains directly to Georgia.

Upon completion of the course, the participant will be able to:

• recite audit requirements for Georgia local governments, schools, and the State of Georgia

• identify the auditor and auditee responsibilities of an audit engagement

• explain management's assertions regarding the recognition, measurement, presentation, and disclosure of information in the financial statements

• identify the steps necessary to take responsibility for your financial statements

• discuss the use of the Georgia Department of Audits and Accounts checklist as a control tool to review your entity's financial statements

• define internal control

• identify the components of a comprehensive framework of internal control and explain the importance of internal controls over financial reporting

• recall the elements of audit findings

• discuss the submission of audit reports