AAR2512. Common Internal Controls Used to Reduce Control Risk in an EBP Audit

This session clarifies what control risk is, how it differs from inherent risk, and why and when auditors assess it. Using employee benefit plan examples, we’ll illustrate typical areas of reliance on operating effectiveness, and the related considerations, pros/cons and pitfalls.

Learning Objectives:

• Describe control risk and related control risk factors
• Identify examples where a test of controls may effectively reduce substantive testing