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 Great
class--really answered all my questions and helped me understand what
issues we need to continue to work on.
Karyn L. Miller,
Chief Financial Officer
New Frontier Media, Inc.,
Boulder, CO
To register online, click the city below.
To register by fax, click here.
For hotel information, click here.
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$200
DISCOUNT
when
you combine the Advanced
SEC Reporting Skills
with
SOX 404 for Non-Accelerated Filers: Getting It Right the First Time
in same city*
December 2-3
Orlando, FL
Disney's Beach Club Resort
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SOX 404 Foundations:
Understanding the Internal Control Process -- The First Timer's Course
If your are new to SOX 404 work, or your company is new to the SOX 404 process, this is the course for you.
You will build a foundation with the core concepts you need to understand and perform the SOX evaluation, and learn the detailed steps in the process.
One and one-half days -
12 CPE Credits
Agenda Highlights
- Objectives of the process
- Requirements for the first year, the second year and thereafter
- Performing the assessment with no auditor's reporting in year one and year two
- Using the NEW SEC Management guidance effectively
- Emphasizing the role of entity level controls
Making your assessment "Top Down" and "Risk Based"
- Using the definition of Internal Control Over Financial Reporting to make effective scoping decisions
- Determining appropriate levels of documentation
- Selecting controls to test efficiently and effectively
- Designing tests of operating effectiveness
- Choosing controls to test without going overboard
- Anticipating issues when auditors are involved in year three
- Writing management's report--what to say and what not to say
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Freshly updated for the new guidance and latest developments
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Agenda
DAY 1
12:30
- 1 p.m. - Registration
1 - 1:15 p.m. -- Course Overview
1:15 - 2:30 p.m. -- Internal Control Reporting and Objectives of SOX 404 Process
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The annual requirement -- internal control over financial reporting
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Management's report on internal control in Form 10-K, 10-KSB and 20-F
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Relationship of internal control reporting to the certifications and modifications before and after the first internal control report
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The definition of internal control over financial reporting (internal control) and the COSO framework
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Dealing with changes in internal control in the certifications and in management's report
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The auditor's attest report
2:30 - 5 p.m. -- Management's Evaluation Process & The Auditor's Attestation Approach
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Top-down/risk-based evaluation
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Use of the COSO framework and alternatives
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Identifying financial reporting risks and controls
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Company level controls and the control environment
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AS 5's significant accounts and disclosures
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Evaluating design of controls
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What must be documented?
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What forms of documentation are appropriate?
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Coordination with auditors in the project to build documentation
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Pros and Cons of internal auditor involvement
5 - 6:30 p.m. -- Cocktail Reception for Participants and Their Guests
DAY 2
8 - 8:30 a.m. -- Continental Breakfast
8:30 - 11a.m. -- Performing the Operating Effectiveness Testing
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Selecting controls to test
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Impact of entity level controls
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Sample sizes and extent of testing -- multiple location issues
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Management's testing versus auditor's testing
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Dealing with control deficiencies -- material, significant and other
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Material weaknesses and their impact on testing and reporting
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Drawing a conclusion
11 - Noon -- Challenges and Opportunities
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Principles-based management guidance
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Flexibility allowed for management vs. AS 5
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IT controls
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Period-end financial reporting process
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Materiality versus risk
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Fraud controls
Noon - 1 p.m. -- Lunch
1 - 2 p.m. -- Preparing Management's Reporting on Internal Control Over Financial Reporting
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Form and content of the report
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Wording the conclusion
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Dealing with material weaknesses in the report language and elsewhere
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Subsequent reporting of changes in internal control
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Example reports
2 - 3:30 p.m. -- The Auditor's Reporting Process
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Major changes in PCAOB's new standard for audits
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Auditor involvement in year 1
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When and who the auditor can rely on management's work
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Form of the auditor's report
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Where to place the report in Form 10-K
3:30 - 4:30 p.m. -- Miscellaneous Issues and Questions and Answers
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Acquisitions and the 404 reporting process
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Multiple locations issues in the evaluation and testing process
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Service organization issues and SAS 70
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Audit Committee involvement
Learning
Objective: To provide an understanding
of the implementation of the internal control reporting requirements
of Sarbanes-Oxley Section 404.
Delivery Method:
Group-Live
Prerequisites/Advance Preparation:
None
Program Level:
Overview. |
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