Does Anyone Care About SOX Anymore?

Learning Objectives

• To be acquainted with the latest information on SOX regulation and investigation regarding SOX compliance
• To identify the ongoing procedures you need to follow to remain SOX compliant
• To recognize the penalties set out by the Act
• To identify using a simple and effective Risk Management process
• To break down processes for making SOX compliance easier for everyone to achieve

Course Description

The Sarbanes-Oxley Act of 2002, popularly known as SOX or Sarbox, is a U.S. law meant to protect investors from fraudulent accounting activities by corporations. Sarbanes-Oxley Act was enacted after several major accounting scandals in the early 2000s perpetrated by companies such as Enron, Tyco, and WorldCom. However, at times it is felt that only the internal auditor cares about the same. 

Many feel that the task of documenting their company’s Sarbanes-Oxley controls has become routine and downright boring. Though that fact is the SOX documentation process is one of the best ways for CFOs and CEOs to be comfortable in signing off documents that make them personally and criminally responsible for the accuracy and reliability of their public company's financial statements and the effectiveness of financial controls.

This webinar attempts to show why SOX is one of the most important tools for public company executives, accountants, as well as auditors with the following Key Topics.

Major Topics Covered:

• What are the key items the SEC will be watching out for - now and into the future?
• Compliance: the 3 key questions internal auditors still need to answer: 1) Is it accurate? 2) Are you sure? 3) Can you prove it?
• The Do’s and Don’ts you need to know
• The benefits of SOX
• Resources you need to have

The attendees will have the chance to know the latest updates in the act, compliance requirements, and how to apply effective internal control. 

Overview

• Yes: The people that count do care... a lot!

  7 mins
• SOX asks 3 basic questions

  17 mins
• Penalties

  30 mins
• Revenue recognition issues

  47 mins
• Registered public accounting firms

  56 mins
• Signing officers responsibility for internal controls

  65 mins
• When must you disclose

  76 mins
• White-collar crime penalties

  85 mins
• Compliance principles

  93 mins
• Final note: IT department is a high priority

  96 mins