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SOX difficulty of Assessing Material Impact and Significant Deficiency

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Before starting this self study program, please go through the instructional document.

Overview

  • COSO Major Deficiency
    7 mins
  • AU Section 325
    21 mins
  • Significant Deficiency
    31 mins
  • Example One Reconsiliations
    48 mins
  • City of Dogwood
    70 mins
  • PCAOB Update
    94 mins

Course Description

Per AS5, the auditor must evaluate the severity of each control deficiency to determine whether the deficiencies, individually or in combination, are material weaknesses.  The trick is…..what parameters should be considered when determining materiality.

In planning and performing the audit, the auditor is not required to search for deficiencies that, individually or in combination, are less severe than a material weakness.  There are several definitions of materiality utilized in the profession that are promulgated by the AICPA, PCAOB, COSO and others. This 2 CPE webinar will evaluate the various definitions such as COSO definitions of major deficiency, AU 325 and AS5 which is utilized by the Committee of Sponsoring organizations. Numerous examples related to Reconciliations, Standard Sales Contract and several deficiencies will also be discussed during this 2 CPE webinar. 

This online CPE webinar will cover several aspects about the concepts of material weakness and significant deficiency.  We will evaluate recent cases of material weakness disclosures and updates from the PCAOB and its priorities.

Major topics covered in this online CPE webinar:

  • COSO definitions of major deficiency
  • AU 325 Definitions
  • AS5 definitions 
  • Assessing deficiency impact
  • Indicators of a material weakness
  • Example 1 & 2 – Reconciliations
  • Example 3 & 4 – Standard Sales Contract
  • Example 5 & 6 – Several Deficiencies
  • Examples of recent Material Weaknesses
  • Deficiency communication
  • Deficiency history and restatement study
  • Study on impact on earnings
  • August 2015 PCAOB update
  • PCAOB priorities


Click here for more Accounting & Auditing CPE webinars.

Learning Objectives

  • To define a top down accounting RA
  • To identify importance of entity level controls
  • Types of entity controls*
  • To discover assertions and significant accounts
  • How to link controls to financial statement assertions
  • To examine COSO principles to evaluate for existence of required controls
  • To identify controls

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Auditors
  • Certified Public Accountant
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Testimonial

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MR

Excellent course on Significant Deficiencies and Material Weaknesses. I've already recommended it to colleagues.