PCAOB Auditing Standard No. 2 (AS No. 2) redefines the audit requirements for public companies by requiring independent auditors to audit their clients’ internal controls in addition to financial statements. The initial implementation of the standard applied only to the largest public companies, but the deadline is fast approaching for many smaller entities. Based on the latest guidance from the SEC, PCAOB, and COSO, this course takes auditors of both large and small public companies through the requirements of each major phase of an internal control audit, from planning the scope of the work to performing tests, assessing any identified control deficiencies and reporting on overall effectiveness.