PCAOB Auditing Standard No. 2 (AS No. 2) is pervasive in its effects on internal control engagements and has even revised the financial audit model itself. No CPA working with public companies, whether in management, audit or information systems can afford to be unaware of AS No. 2’s provisions. This course explains why the internal control system matters to management, auditors and to regulators; how the COSO framework and AS No. 2 establish the expectations for the design, documentation and evaluation of the system; and covers key issues and questions to be faced.