Internal Control – Understanding and Testing Webcast | 4204527A


Date :
August 3, 2020 8:30 AM - 12:00 PM
Location :
Facility :
Webcast Rebroadcast
Level of Difficulty :
Member Price :
Nonmember Price :
CPE Credits :
CPE 4.00, AA 4.00
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Internal Control is designed to provide reasonable assurance to achieve the entity's objectives related to financial reporting, effectiveness and efficiency of operations, and compliance with applicable laws and regulations. It safeguards assets against unauthorized acquisition, use, or disposition, and may include controls relating to financial reporting and operating objectives.

Auditors should understand internal control relevant to the audit and the application of professional judgment. Most audit-related controls relate to financial reporting. But not all controls related to financial reporting are relevant to audits.

The auditor should evaluate the design of controls and determine whether they have been implemented by performing procedures in addition to inquiry of the entity's personnel.


  • Recognize areas where controls exist and the circumstances when controls can be tested
  • Determine when and how private companies maintain a system of internal control when formal processes do not exist
  • Identify strengths and weaknesses in a private company's control environment by performing risk assessment procedures and transaction walk-throughs

Major Subjects:

  • Review of the audit requirements stated in the auditing standards regarding internal control activities
  • Analysis of the control environment, concentrating on privately-owned businesses
  • Detailed discussion of an effective system of internal control and related control activities as detailed in the updated COSO report
  • Sample risk assessment procedures to determine control risk for all major assertions
  • Discussion of how to reduce control risk to below maximum
  • Specific tests of controls that can be beneficial to a financial audit
  • Discussion of the requirements to test controls for Governmental audits

Advanced Prep:


Misc. Information:

Level of Difficulty:
Field of Interest:
Designed For:
CPAs, Auditors


Eugene J. Ristaino
Gene Ristaino is a partner/member of Isdaner & Company, LLC, a local firm of 65 people in Bala Cynwyd PA (Philadelphia area) and is the director of accounting, auditing and quality control for the firm. Gene manages a diversified accounting practice (over 40 years of experience) specializing in the construction and real estate industries. He also provides consulting services for developers and contractors in cost certification and analysis, claim support and documentation, expert witness, business valuation and job cost system implementation and improvement. Gene has provided expert testimony and/or issued expert reports in numerous litigation support engagements involving real estate transactions, construction claims, family disputes and embezzlement cases. He has provided expert testimony in two Court appearances. He has also prepared construction contract claims, back charge reports, and damage reports in dispute litigation and arbitration. Gene is Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF) certified by the American Institute of Certified Public Accountants (AICPA). Valuation and/or Litigation engagements include construction contractors; leisure transportation; travel and tour agencies; manufacturing; real estate investment limited partnerships and LLCs; specialty restaurants; and family limited partnerships. Cases have included dissenting stockholder disputes; buy/sell transaction prices; estate and gift tax issues; and owner disputes. Gene has attended the Business Valuation Course, and the Fair Value Forum developed by the AICPA. Gene has a Masters in Taxation (MT), concentrating in corporate taxation, with a specialization in the real estate and construction industries. Gene's diversified background includes a concentration in the governmental and not-for-profit auditing sectors, including HUD, Circular A-133 and the Single Audit, as well as healthcare, manufacturing, transportation, retail and service organizations. Gene is a national instructor for the American Institute of Certified Public Accountants (AICPA) and many state societies. He also lectures for many industry associations, and has authored numerous professional education programs, including several one-day seminars. Gene is a member of the American and Pennsylvania Institutes of Certified Public Accountants and currently serves on the Peer review and A&A Procedures committees for the Pennsylvania Institute of Certified Public Accountants. Gene is a team captain for the AICPA Peer Review Program, and has performed numerous peer reviews under the AICPA Standards. Gene is a former adjunct professor of tax law for the Masters in Taxation Programs for Villanova University and Philadelphia University. He received his undergraduate BS degree in accounting from Drexel University, and earned his Masters in Taxation from Villanova University.


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