Sarbanes-Oxley Section

SOX 1: Sarbanes-Oxley Section 404: Internal Control over Financial Reporting (Level I)

Duration: 1 Days

This programme answers questions such as:

1. What are the internal control reporting and auditing requirements mandated by Sarbanes-Oxley?
2. When are internal controls tested?
3. How are material weaknesses remediated?
4. What type of testing and reporting documentation is required?

Course Summary

This course provides an introduction to the internal control reporting requirements mandated by Section 404 of the Sarbanes-Oxley Act of 2002 and the implications for management of Public Company Accounting Oversight Board (PCAOB) Auditing Standard No. 5. An Audit of Internal Control over Financial Reporting That is Integrated With An Audit of Financial Statements.

Course Benefits

Understand the process for reporting on the effectiveness of internal controls over financial reporting
Become familiar with internal control documentation alternatives
Develop tests of internal controls
Assess internal control design and operating effectiveness
Understand the role of the independent public accountant in opining on internal control effectiveness
Address the practical application issues in testing and reporting on internal controls

Teaching Method

Live group instruction
Description and explanation of changes in IFRS, including implementation requirements and transitional rules
All participants receive a copies of the presentation slides and other course materials

Course Summary

Course topics, presented using a comprehensive case setting, include:

Internal control over financial reporting
COSO internal control framework
COSO internal control framework for small firms
Application of the internal control framework
Risk assessment
Documentation and control design
Testing of internal controls
Identifying key controls and developing a test plan
Results from the initial testing

Costs and benefits of internal controls testing
Evaluating controls using SAS 70 reports from third-party service providers
Evaluating control deficiencies in the presence of compensating controls
Remediating material weaknesses
Controls over spreadsheets
Management reporting on the effectiveness of internal controls
PCAOB Auditing Standard No. 4 Reporting on Whether a Material Weakness Continues to Exist.

SOX 2: Sarbanes-Oxley Section 404: Internal Control over Financial Reporting (Level II)

Duration: 1 Days

The programme answers questions such as:

1. What is the process for reporting on the effectiveness of internal controls over financial reporting?
2. How are tests of internal controls developed?
3. What internal control documentation alternatives are available?
4. When and how are internal control design and operating effectiveness assessed?

Course Summary

This one-day course provides a hands-on experience for those professionals with responsibility for helping ensure corporate compliance with the internal control reporting requirements of Section 404 of the Sarbanes-Oxley Act of 2002 and Public Company Accounting Oversight Board (PCAOB) Auditing Standard No. 5. The course assumes a familiarity with the basic internal control reporting requirements mandated by the SEC and a detailed understanding of the internal control framework.

Course Benefits

Build on existing knowledge and be ready for compliance with the changing world of IFRS
Understand the plethora of recent changes to IFRS requirements
Learn to apply the latest developments, including those affecting first-time adoption of IFRS
Network and interact with other experienced IFRS practitioners

Teaching Method

Live group instruction
Description and explanation of changes in IFRS, including implementation requirements and transitional rules
All participants receive a copies of the presentation slides and other course materials

Course Summary

Course topics, presented using a hands-on case for practical illustration, include:
Comparison of Turnbull and COSO internal control frameworks Summary of internal control reporting to the US Securities and Exchange Commission during 2006 and 2007 Identifying financial reporting cycles to be evaluated Developing a narrative	Identifying key controls in a manner that minimizes testing Converting the narrative to a controls matrix and a test plan Evaluating test results, including deficiencies and financial statement impacts Translating the results into management reporting on internal

PIRON