This on-demand 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.
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.
Publication Date: January 2019
Designed For
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
- SOX Overview
- Top Down Risk Assessment
- Documentation
- Source Risk and Document Controls
- Validate Operation
- Materiality
- The COSO Connection
- 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 (TDRA)
- Differentiate the key requirements of SOX documentation
- Identify key requirements of sourcing risks and documenting controls
- Describe requirements to assess design effectiveness and then validate operating effectiveness
- Recognize and apply the materiality concept
- Identify the proper levels of reporting for your SOX 404 process
- Recognize the importance of understanding all elements of the COSO framework
- Identify how to properly attest to the COSO principles
- Identify and apply the steps of the SOX Section 404 process
- Describe key control
- Recognize correct statements about the control environment
- Identify how a process flow should show
- Describe risk tolerance
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Program Prerequisites
None
Advance Preparation
None
Instructor
Lynn Fountain
Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.
Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.