Sarbanes-Oxley: Essential Concepts for Successful Compliance - OAP424WEB
The PCAOB instructs external auditors to verify compliance with SOX during their financial audits and some private and non-profit organizations are voluntarily complying with SOX because it is in the best interest of their stakeholders. This webinar covers how to select, document, and test key control activities, address deficiencies, and the increasing role of IT GCCs and automation. Also, strategies on how to increase the benefits from SOX and techniques to reduce compliance costs.
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Who should attend?
Audit directors and managers, internal and external auditors, chief risk officers, chief ethics officers and others charged with compliance and ethics responsibilities.
Prerequisites - None
You will learn the requirements of SOX, key steps for effective compliance, how to focus on the relevant risks and controls, and ways to get buy-in throughout the organization to develop an effective entity-wide project plan for compliance.
The Sarbanes-Oxley Act: An Overview:
- Background and purpose
- Link to COSO 2013 and fraud
- Benefits beyond SOX compliance
Roles and Responsibilities:
- Board of Directors and Audit Committee
- Senior Financial Management
- Middle Management/Process Owners and other Personnel
- Internal Audit
- External Audit
Key Compliance Cycle and Steps:
- Identifying key operational units and accounts
- The risk assessment
- Selecting, documenting and testing key control activities
- Documenting, correcting and re-testing deficiencies
Internal Controls over Financial Reporting (ICFR):
- Key controls
- Entity-level controls
- Process-level controls
- IT general controls
- Automated vs. manual controls
- Sampling and testing implications
Overview of key compliance requirements
Building a SOX Infrastructure:
- Internal considerations and sponsorship
- Building a process, not merely conducting a project
- Dealing with outsourced and foreign operations
- The role of IT
- Software products
Important developments and status update:
- Management review and approvals
- System-generated reports and information provided by entity
- Mapping of COSO 2013 Principles and Points of Focus
- Relying on the work of others
- Testing over management judgment and estimates
Certification / Credits
NASBA Certified CPE: 2 Credits Auditing
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