SOX Evolution Of Auditing standards

  • Accountant
  • CRMA
  • CIA
  • CMA
  • CPA (US)
  • IAP
  • QIAL
  • MAFF
  • CFIRS
  • CWS

Published: November, 2021

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Background
    5 mins
  • Auditing Standard 2
    15 mins
  • Difficult Concepts: Definition of Terms
    31 mins
  • Key Changes in AS5
    56 mins
  • The Next Phase
    83 mins

Course Description

Generally Accepted Auditing Standards (GAAS) are Standards against which the quality of audits is performed and judged.  In the U.S., Standards are promulgated by the Auditing Standards Board (ASB), a division of the American Institute of Certified Public Accountants (AICPA).  Since SOX passage, PCAOB has developed standards for publicly traded companies.  Sections 103(a)(2)(A) and 404(b) of the SOX Act directed the Board to establish:  Professional standards governing the independent auditor's attestation and reporting on management's assessment of the effectiveness of ICFR.

Auditing Standard 2 was the initial standard released to provide public accounting firms guidance regarding the requirements to comply with Sarbanes-Oxley.  Due to the many difficulties faced by firms and issuers in the early years of compliance, the PCAOB released AS5 in 2007 which superseded AS2.  AS5 was designed to provide clearer guidance and eliminate some of the questions that had plagued firms and companies through the initial years of attestation.  AS5 is the auditing standard currently used when complying with SOX.  

However, it is important to have an understanding of AS2, it’s expectations and challenges be able to appropriately scope and understand the transition to AS5.  This course will provide an outline of both legislations and highlight the challenges and applications of the standards.  It is important for professionals to have a strong understanding of the concepts outlined in both auditing standards and the impetus for change that resulted in AS5.  This course is designed to provide a strong understand of these concepts.  

Major topics covered in this online CPE webinar:

Background and purpose of auditing standards

Auditing Standard 2 (AS2)

  • Management assessment process
  • Top down approach
  • Fraud
  • Terms
  • Entity level controls and walkthroughs

Auditing Standard 5 (AS5)

  • Key changes
  • Top down approach
  • Entity controls
  • Significant Accountants
  • Definitions
  • Bottom Line
  • Next Phase – COSO 2013


Click here for more Accounting & Auditing CPE webinars.

Learning Objectives

  • To describe difficult concepts management’s assessment process
  • To have a deep understanding of AS 2 and AS 5
  • To discover the background of SOX Act of 2002 and recognize the purpose of auditing standards
  • To learn the actions and pronouncements of the PCAOB
  • To monitor enforcement proceedings and new legislation

Recommended For

  • This online CPE webinar for CPAs is recommended for internal as well as external auditors interested to learn about Auditing Standards and its purpose

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • Chief Accounting Officer
  • 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

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

Additional details

  • Course Level :
    Basic
  • Credits :
    1.5
  • 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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Ratings and Review

4.3

12 Ratings

Excellent

8

Very Good

2

Average

1

Poor

0

Terrible

1

DD

Damon Desue, CPA (US)

Dec 26th, 2021

Ease of delivery on a very comprehensive topic was great.

DT

David Then, CPA (US)

Jun 30th, 2022

Great CPE

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