SOX Primer - Legislative Overview Webinar
Time: 11:30 AM PST | 02:30 PM EST
Duration: 90 Minutes
Lynn Fountain - CGMA, CRMA, MBA
You may feel you understand all aspects of the Sarbanes-Oxley legislation since it has been in existence for quite some-time. Ten years post the initial attestation requirements of the Sarbanes-Oxley 2002 legislation, companies continue to face challenges when applying design, testing and evaluation techniques to their internal control over financial reporting (ICFR). In addition, in May 2013 the COSO Foundation updated its internal control framework which is the commonly used framework for SOX evaluations. The impetus of COSO 2013 has re-focused company´s efforts on evaluating their key controls.
In addition, the impetus of COSO 2013 has re-focused company´s efforts on evaluating their key controls. Companies must continually evaluate whether they have designed and identified the proper controls and have adequate tests in place to determine control efficiency. With the evolution of technology solutions, the impact of information systems changes must be continually evaluated to ensure controls are adequately addressed.
Why Should you Attend:
Sarbanes-Oxley is one of the most significant pieces of legislation that has been passed related to internal controls over financial reporting. The procedures and processes around SOX have become the standard for evaluating systems of internal control over financial reporting. SOX is required for any publically traded company however many non-publically traded entities have adopted the process to improve their overall control structure.
Objectives of the Presentation:
- Sarbanes-Oxley Legislation - Components of the Act
- Challenges and changes in their legislation since original release
- The PCAOBs Auditing Standard 2 and Auditing Standard 5 guiding Sarbanes-Oxley processes
- Requirements for Top-Down Risk Assessment
- SOX Sequence of process - documentation, design, evaluation
- COSO 2013 and the internal control framework requirements