Sarbanes Oxley (SOX) Section 404 (Completed)

Date: Friday, January 25, 2019
Instructor: Lynn Fountain
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs

Sarbanes-Oxley was passed in 2002 and the first year of attestation for SOX Section 404 was 2004. Section 404 is the most prominent of the eleven separate sections of the legislation. It has, by far, been the most costly and time-consuming element of compliance for both companies and auditors.

This course is dedicated to examining and executing a proper methodology for compliance with SOX 404. In completing this course, participants will be prepared to adequately comply with elements of SOX 404.

Who Should Attend
Internal auditors, Professionals considering the role of internal audit, Chief Audit Executives Accountants and Finance professionals, CFOs, CEOs, Legal and Compliance professionals, Board members, and Audit Committee members

Topics Covered

  • Assess both the design and operating effectiveness of selected internal controls related to significant accounts and relevant assertions in the context of material misstatement risks
  • Understand the flow of transactions, including IT aspects, in sufficient detail to identify points at which a misstatement could arise
  • Evaluate company-level (entity-level) controls, which correspond to the components of the COSO framework
  • Perform a fraud risk assessment
  • Evaluate controls designed to prevent or detect fraud
  • Evaluate controls over the period-end financial reporting process
  • Scale the assessment based on the size and complexity of the company
  • Conclude on the adequacy of internal control over financial reporting

Learning Objectives

  • Recognize a process methodology to use for SOX 404 attestation
  • Identify critical concepts to prepare an accounting top-down risk assessment
  • Describe proper processes for SOX documentation, souring of risks, and identification of key controls
  • Identify the assessment of design effectiveness and validation of operating effectiveness
  • Recognize and apply the concept of materiality to the SOX 404 process
  • Identify methods to properly attest to the COSO principles for SOX 404

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
None

Advance Preparation
None

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