CPAR GOV - Accounting & Financial Reporting  |  Format: Flash

Quality Assurance: A Necessary Ingredient for Internal Control

Course Overview
Management's ability to fulfill its financial reporting responsibilities often depends on the design and effectiveness of the processes and safeguards it has put in place over accounting. While no control system can absolutely assure that financial reports will never contain material errors or misstatements, Keith Barber - a director of CFO Consulting Partners - explains how a quality assurance process can substantially reduce the risk of inaccuracies and can lead to an effective system of internal control over financial reporting.

Learning Objectives
Upon successful completion of this segment, you should be able to:

  • Distinguish between "process-level" and "entity-level" accounting processes;
  • Identify the conditions that frequently result in financial restatements;
  • Recognize what "version confusion" is and what problems it can cause;
  • Determine what is necessary in order to document the quality assurance (QA) process.

    Catalog Number: CPAR1312-FM
    CPE Credits: 2 Registry / 2 QAS
    Author: FMN Online
    Advanced Preparation:
    Work experience in financial reporting or accounting, or an introductory course in accounting
    Course Level: Update
    Field of Study: Accounting
    Content Partner: CPAR Government/Not-For-Profit
    QAS: QAS Certified based on 50 minute hours.
    Course Type: Self-Study
    Minimum Passing Grade: 70%
      You are allowed 2 attempts to pass the final exam in a 30 day period. You will be locked out of the final for 30 days after any second failure.
    Soft/Hardware Reqs.:  Adobe Acrobat® Reader for the .pdf files
     Adobe® Flash® Player 9 or higher
     56k or Greater Internet Connection
     Modern DHTML Compatible Browser
     Ram: 256 MB minimum
     Sound card with speakers/headphones
     Windows or Mac OS
    Release/Expiration Dates: Jan 31, 2018 / Mar 14, 2020