A full-day seminar designed for CFOs, Controllers, Attorneys, CPAs, Financial Managers, Presidents, Vice Presidents, Business Owners, Managers, Bankers, 404 Project Leaders and Project Teams seeking a systematic approach to designing an effective internal control process for financial reporting.
Since the issuance of the Sarbanes-Oxley Act in 2002, companies have and continue to face the realities of what it takes to meet compliance requirements. The impact of SOX on some public companies ranges from allocating scarce resources, balancing competing priorities across the company, gaining and sustaining business unit buy-in, designing an effective internal control process, documenting processes and the additional expenses and administrative burden for small and medium-sized companies. This practical seminar is designed to help attendees bridge the gap between the SOX rules and business realities by providing a systematic approach for the design and operation of internal controls to meet compliance and performance requirements.
The Benefits For You:
- Issue clear guidance and define benefits of SOX implementation
- Gain and sustain management/business unit buy-in
- Design an effective internal control process to meet compliance and performance requirements
- Apply COSO internal control - integrated framework
- Select and document key processes and vital controls
- Demonstrate and document adequate testing methods
- Meet expectations of key stakeholders
- Key stakeholder expectations
- Management report accuracy
- Designing a cost-effective internal control process
- Certifying effectiveness of internal controls in financial reporting
- Up-to-date policies and procedures on key processes and vital controls
- Crosswalk between COSO and criteria for performance excellence
8:30 a.m. - 9:30 a.m.
I. Getting Started
A. Sarbanes-Oxley Act History And Update
B. Recent Corporate Governance Cases
C. What Are Internal Controls?
D. When Controls Fail
E. Facing The Realities Of Implementation
9:30 a.m. - 10:30 a.m.
II. Roles, Responsibilities And Relationships Among Key Stakeholders
A. External Users (i.e., Investors, SEC, PCAOB, Congress, Lenders, Analysts, Auditors Of Registered Public Accounting Firms)
B. Internal Users (Board Of Directors, CEO, CFO, CIO, Directors, Managers Of Business Units, SOX Sponsor, 404 Project Leader, 404 Project Team, Internal Auditors, Audit Committees, Accountants And Attorneys)
C. Interested Parties (Media, Foreign Governments, Universities And Business Schools)
D. Setting The Tone At The Top
10:30 a.m. - 10:40 a.m.
10:40 a.m. - 12:00 p.m.
III. Defining Key Requirements
A. Compliance Requirements
B. Internal Policies And Operational Guidance
C. Auditing And Related Professional Practice Standards
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 2:30 p.m.
IV. Management's Assessment Of Internal Control Effectiveness
A. Executing Section 404
B. Setting Control Objectives
C. Risk Control Self-Assessments
D. Risk Assessment
1. Risk Identification
2. Risk Measurement
3. Risk Response Matrices
4. Risk Mitigation Plans
E. Internal Controls
1. Company-Level Controls
2. Preventive Controls
3. Detective Controls
2:30 p.m. - 2:40 p.m.
2:40 p.m. - 4:00 p.m.
V. COSO Internal Control – Integrated Framework
A. Control Environment
B. Risk Assessment
C. Control Activities
D. Information And Communication
F. Designing An Effective Internal Control Process
1. Documenting Key Processes
2. Selecting And Evaluating Vital Controls
3. Testing Vital Controls (Are Vital Controls In Place, Working And Effective?)
4. Reporting And Correcting Control Deficiencies And Material Weaknesses
4:00 p.m. - 4:30 p.m.
VI. Communicating Corporate Governance
A. Ethics In Practice
B. Leadership, Governance And Social Responsibility
C. Management's Report On The Effectiveness Of Internal Control In Financial Reporting