Technological advances, increased regulatory scrutiny, globalization, and other challenges have caused entities and auditors to struggle with proper consideration of the cost-benefit of internal controls, recognizing that a well-designed system does not have to prevent or detect all internal control deficiencies - just the ones that matter most to the entity's objectives. This course will provide practical guidance on what a sound system of internal controls "looks like" and the resulting impact on the financial statement audit, particularly for smaller entities.