Internal Control Review Lab

Learning outcomes

• Build a control inventory tied to financial statement assertions without copying last year’s list blindly.
• Run walkthroughs that capture who performs, who reviews, and which systems leave a durable trail.
• Design samples that match risk and population behavior, then document deviations honestly.
• Draft deficiency language that distinguishes design vs. operating issues and proposes realistic remediation.

Modules

• Module 1 — Scope without noise Materiality cues, process maps, and deciding which controls earn testing time this cycle.
• Module 2 — Walkthrough discipline Interview prompts, observation notes, and reconciling verbal process to system screenshots.
• Module 3 — Sample logic Population definition, stratification choices, and the worksheet alumni cite most in reviews.
• Module 4 — Operating evidence Recalculations, approvals, and what counts when a control is partly automated.
• Module 5 — Issues that hold Severity framing, root cause vs. symptom, and remediation owners who can actually act.
• Module 6 — Close-out pack Memo structure, management responses, and preparing for external review questions.