Significant changes in the auditing industry have highlighted the necessity for all entities to have a well-designed and effectively operating system of internal controls over reliable financial reporting. Many entities and auditors continue 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. This course will provide guidance on exactly what a sound system of internal controls "looks like" and the resulting impact on the financial statement audit, particularly for smaller entities.