The Sarbanes-Oxley Act was enacted by Congress in response to the major corporate, accounting and document destruction scandals that rocked the stock markets. To restore investor confidence, the act establishes a framework for corporate accountability, including strict new standards and penalties for violations in the areas of corporate governance, disclosures, audits, financial reporting and conflicts of interest. Although originally enacted only for public companies, the act is quickly becoming the 'standard of care' for privately owned and not-for-profit companies, including healthcare organizations. The IRS and the Office of Inspector General are rapidly adopting the act's principles to raise the bar regarding corporate governance and management accountability, examining the independence of boards of directors, audit committees, the effectiveness of compliance programs for reporting information to management and directors, policies and procedures for document retention and destruction, and treatment of 'whistleblowers' in a company. This seminar will review the act's requirements and penalties, give practical solutions to assist in compliance with the act and the standards it has set for management and directors, and examine the impact of the act on directors' and officers' liability insurance.
- Costs vs. benefits of implementation
- Control improvements identified
- Lessons learned
- ERM COSO vs. traditional COSO
- New practice advisors in information system audits
8:30 a.m. - 10:50 a.m.
I. Sarbanes-Oxley: Moving Companies In The Right Direction
B. Approach And Methodology
C. Costs vs. Benefits Of Implementation
D. Control Improvements Identified
E. Lessons Learned
10:50 a.m. - 11:00 a.m.
11:00 a.m. - 12:00 p.m.
II. ERM COSO vs. Traditional COSO – What's Changed?
A. Best Practice Models
B. The Role Of The Internal Auditor
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 2:00 p.m.
III. Planning And Performing Information System Audits
A. New Practice Advisories
2:00 p.m. - 2:50 p.m.
IV. Differences Between Internal And External Auditing
A. Key Factors
B. Expectations Of The Audit Committee
2:50 p.m. - 3:00 p.m.
3:00 p.m. - 3:50 p.m.
V. Ethical Issues In Accounting
A. Trends And Challenges
B. Setting The Tone
C. Distrust Or Healthy Skepticism
3:50 p.m. - 4:30 p.m.
VI. Questions And Answers