Difficulty assessing material impact and significant deficiency under SOX

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

Course Description
Course Qualification
Presenter
FAQ

Course Description

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

Recommended For

This online CPE webinar for CPAs is recommended for internal as well as external auditors interested in developing skills in assessing material impact and significant deficiency while auditing.

Who Should Attend?

Accountant
Accounting Firm
Accounting Managers
Auditors
Certified Public Accountant (CPA)
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

Course Qualification

Webinar Qualifies For

2 CPE Credit for Master Analyst In Financial Forensics (MAFF)
2 CPE Credit for Internal Audit Practitioner (IAP)
2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
2 CPE Credit for Certified Management Accountants (CMA)
2 CPE Credit for Certified Internal Auditors (CIA)
2 CPE Credit for Certification in Risk Management Assurance (CRMA)
2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
2 CE Credit for Certified Wealth Strategist (CWS)
2 General Credit for Accountant/Bookeeper

Additional details

Course Level :

Basic
Credits :

2
Instructional Method :

QAS Self Study
Pre-requisites :

None
Advance Preparation :

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Lynn Fountain, CRMA, CPA (US), CGMA, MBA

Owner, Lynn Fountain Consulting and Training

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.

Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”.
Leading the Internal Audit Function
Ethics and the Internal Auditor’s Dilemma

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.

About Company

Lynn Fountain Consulting and Training

www.lynnfountain.net/

Ms. Fountain has become known as an international trainer on topics of Leadership, Internal Audit, Accounting, Finance, Ethics, Business Processes, Bookkeeping, Cybersecurity and Business Issues. She has over 150 training topics that can be tailored to meet your needs.

Faq

FAQs content

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