SOX Preparing for a Top Down Accounting Risk Assessment 2 Credits
Learning mode
In the early years of SOX, organizations went to significant detail documenting and testing financial processes. The PCAOB stressed in AS5 the need to focus testing on those accounts that could materially impact the financial statements. AS 5 prescribes the auditor should use a top-down approach to the audit of ICFR.
Top down RA - Begin with controls and evaluate whether processes are in place to meet each principle. Starting with controls and mapping to principles may not provide a fresh look at the adequacy of controls. Organizations must not take a one-approach for preparing top-down risk assessment. Organizations needs to monitor and re-evaluate RA every year for every significant accounts/disclosures. Five steps for top down RA should be categorized by considering scoring and weighing components.
Although AS5 provides guidance on performing a top-down RA, many organizations still struggle with the concept. This session will focus on the requirement for a top-down RA and processes your organization can utilize to effectively apply the approach. We will cover critical concepts of AS5 risk factors when identifying significant accounts as well as the importance of evaluating entity level controls.
Major topics covered in this online CPE webinar:
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| License details | Credits | Status |
|---|---|---|
| Auditing for Certified Public Accountants (CPA-US) | 2 CPE | Approved |
| Internal Auditing for Certified Internal Auditors (CIA) | 2 CPE | Eligible |
| Auditing for Certified Management Accountants (CMA) | 2 CPE | Eligible |
| Auditing for Delaware Licensed Public Accountant (DE-LPA) | 2 CPE | Eligible |
| Auditing for Certified Fraud Examiner (CFE) | 2 CPE | Eligible |
| Auditing for Internal Audit Practitioner (IAP) | 2 CPE | Eligible |
| Audit Risk for Certification in Risk Management Assurance (CRMA) | 2 CPE | Eligible |
| Certified Internal Controls Auditor (CICA) | 2 CPE | Eligible |
| Auditing for Certified Financial Forensics (CFF) | 2 CPD | Eligible |
| Auditing for Qualification in Internal Audit Leadership (QIAL) | 2 CPE | Eligible |
| Auditing for Iowa Licensed Public Accountant (IA-LPA) | 2 CPE | Eligible |
| Auditing for Maine Licensed Public Accountant (ME-LPA) | 2 CPE | Eligible |
| Auditing for Certified Government Auditing Professional (CGAP) | 2 CPE | Eligible |
| Certified Controls Specialist (CCS) | 2 CPE | Eligible |
Credits
Course Level
Instructional Method
Pre-requisites
Advance Preparation
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Lynn Fountain has over 39 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit. She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training. She is the author of three separate technical books.
Ms.
Fountain obtained her BSBA from Pittsburg State University and her MBA from
Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.
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J(M
Presented in a clear and logical manner.
DL
Very good refresher!
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