Sarbanes-Oxley and Internal Controls Update

OVERVIEW

The Public Company Accounting Oversight Board (PCAOB) and the Securities and Exchange Commission (SEC)use inspections to reduce audit deficiencies, specifically processes that involve judgment calls and opinions—like revenue recognition, accounting estimates, and complex accounts or one-time transactions. SOX compliance efforts continue to be impacted by new and emerging influences – from the Financial Accounting Standards Board’s (FASB) new revenue recognition standard and cybersecurity concerns to the Public Company Accounting Oversight Board’s (PCAOB) inspection reports on external auditors and the resulting effects on audits of internal control over financial reporting, according to the report.

WHY SHOULD YOU ATTEND

Need to be up to date on Sarbanes-Oxley? Have some catching up to do? We can help.Although the Sarbanes-Oxley Act of 2002 has been in effect now for over 15 years, it still requires compliance from pubic companies and other entities (Publicly Accountable Enterprises or P.A.E.’s) such as banks, insurance companies, and retirement plan companies. There have been adjustments along the way.Executives are becoming concerned as pressure increases on operational managers as well as accounting personnel, and the concept of personal liability becomes more applicable. 

AREAS COVERED

The risk environment that your company operates in is rapidly changing—with risks and threats evolving daily. To mitigate the risks in your company's changing environment, risk assessments need to be an integrated process, not just a check-the-box exercise done once a year.Mapping and flowcharts are a good way for the company and auditors to fully understand the processes they are auditing and the risks associated with those processes.Companies often have far too many moving parts in their processes: disconnected files, inconsistencies in key facts, and manual steps to manage. 

LEARNING OBJECTIVES

• Quick review of the SarbanesOxley Act
• Focusing on Risk
• Reducing the number of moving parts
• Prevention is key
• Detecting red flags
• Documenting

WHO WILL BENEFIT

Accountants, auditors, financial executives, CEO’s, Compliance officers. finance staff, Treasury staff, CFO’s, anyone associated with preparing SOX compliant financial statements.