SOX 404 Critical Concepts and COSO 2013
Duration : 90 Minutes
Lynn Fountain, Enterprise Risk Management
Ms. Fountain has over 30 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She has held CAE roles in two international companies where she has developed strategic risk based audit processes facilitated strong relation Read more
With the release of COSO 2013 and the implementation date now passed, companies have been scrambling to take a renewed look at their ICFR processes and their key controls related to SOX. COSO 2013 includes 17 principles that must be attested to affirm the company's compliance with the internal control framework and application to SOX attestation. This webinar will take a detailed look at the requirements of section 404 and important design and testing expectations.
Undoubtedly Section 404 of the Sarbanes-Oxley legislation has had the most impact on companies, public accounting firms and investors. This section requires management and the external auditor to report on the adequacy of the company's internal control on financial reporting (ICFR). This is the most costly aspect of the legislation for companies to implement, as documenting and testing important financial manual and automated controls requires enormous effort. Ten years plus after initial implementation, companies are still evaluating new ways to synergize their SOX 404 process design and testing.
Course Objectives:
Sarbanes-Oxley is one of the most significant pieces of legislation that has been passed related to internal controls over financial reporting. SOX Section 404 is the most laborsome and critical component of the act for most companies. The ability to have a continual process improvement initiative to take a fresh look at controls and procedures is critical to maintaining an effective ICFR process. COSO 2013 has increased the focus on this initiative.
The Sarbanes-Oxley legislation was passed in 2002 post the issue that occurred in corporate America around improprieties in financial reporting. The legislation is intended to provide transparent financial reporting to investors and shareholders. The implementation process has evolved significantly since the initial years of SOX. The change from Auditing Standard 2 to Auditing Standard 5 lifted some of the detailed obligations companies were required to comply with. However, with the impetus of COSO 2013, some believe the pendulum is swinging back in the other direction. SOX is a topic that company management must stay fully abreast and aware of in order to synergize their overall processes.
Course Outline:
• Summary of SOX 404 requirements
• COSO and the internal control framework
• SEC and PCAOB ongoing SOX 404 requirements
• Performing an accounting risk assessment
• Documentation and testing requirements
• Significant deficiency and material weakness
What You Get:
• Training Materials
• Live Q&A Session with our Expert
• Participation Certificate
• Access to Signup Community (Optional)
• Reward Points
Who Will Benefit:
• Chief Compliance Officers
• Chief Risk Officers
• Chief Legal Officers
• Chief Audit Executives
• Internal Auditors
• Risk professionals
• Compliance professionals
• Quality Assurance professionals
Please reach us at 1-888-844-8963 for any further assistance or if you wish to register
100% MONEY BACK GUARANTEED
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