Participants should gain a better understanding about internal control practices, management techniques, how internal controls function, auditor objectives and how to evaluate the effectiveness of internal controls from an organizational perspective and from a detailed perspective. This seminar builds on knowledge gained in 2004 as the first year of operation under the Sarbanes Oxley Act. What has been learned and how have both large and small, public and private, companies and auditors responded?
- Gain critical understanding of Sarbanes-Oxley requirements
- What can your company do to meet new internal control standards
- Learn current strategies to improve internal controls in your company
- The attendee will be able to discuss a CEO's responsibilities.
- The attendee will be able to discuss risk assessment process and methodology.
- The attendee will be able to review internal control testing and evaluation.
8:30 a.m. - 8:50 a.m.
I. Overview And Definition Of Internal Controls
8:50 a.m. - 9:10 a.m.
II. Historical Framework Of Sarbanes Oxley/COSO
9:10 a.m. - 10:20 a.m.
III. Risk Assessment Process And Methodolgy
A. Entity Wide Review Process And Current Methods Used
B. Materiality Calculations
C. Entity Level And Application Level Risk Assessments Process
D. Control Deficiencies, Significant Deficiencies And Material Weaknesses – Definitions And Issues
10:20 a.m. - 10:30 a.m.
10:30 a.m. - 11:00 a.m.
IV. Understanding IT Risk And Control Considerations
11:00 a.m. - 11:30 a.m.
V. Overview And Requirements Of Managing Fraud Risk
11:30 a.m. - 12:30 p.m.
VI. SOX A Year Later
A. What Have We Seen, Legislation, PCOBA, Auditor Reports, Section 302 And 404 Reporting
B. A CEO's Responsibilities
12:30 p.m. - 1:30 p.m.
Lunch (On Your Own)
1:30 p.m. - 2:45 p.m.
VII. Activity Level Internal Control Identification:
A. Mapping Activities
B. Activity Level Control Identification
C. Activity Level Risk Identification
D. Activity Level Risk Assessment
2:45 p.m. - 2:55 p.m.
2:55 p.m. - 3:25 p.m.
VIII. Risk Management
A. Risk And Materiality Considerations
B. Internal Control Design Analysis
3:25 p.m. - 4:00 p.m.
IX. Internal Control Testing And Evaluation
A. Testing Internal Control Operating Effectiveness
B. Coordinating Design Analysis And Testing
C. Probabilities And Evaluating And Reporting Deficiencies
4:00 p.m. - 4:30 p.m.
X. Question And Answer Period