SOX Executing A Top Down Accounting Risk Assessment

  • 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

  • Top Down RA
    3 mins
  • Management Override
    12 mins
  • Controls over RA
    20 mins
  • Example Linkage
    34 mins
  • ELC Considerations
    52 mins

Course Description

Concepts for an accounting top down risk assessment can be well defined, but execution of a true top-down risk accounting risk assessment is still a challenge. The requirement of AS5 to consider multiple risk factors complicates the process. Organizations will often struggle with the best method to properly evaluate their accounts to determine those which present the potential for a material misstatement.

This session will focus on the methodology steps reviewed in Segment One of developing a to-down risk assessment and provide scenario examples of how they might be applied in real world. There are in total 5 key steps which are used to focus the scope of the SOX 404 processes.

We will dive further into understanding how to examine entity-level controls and their importance on determine account significance.  We will review the steps outlined in Segment One and apply those steps towards two separate scenarios.  This will allow the participant to think through the process and application and to examine how a scoring methodology may be beneficial within their individual’s process. 

Major topics covered in this online CPE webinar:

  • Top Down Risk Assessment
  • Evaluating ELCs
  • ELC Considerations
  • 5 key steps to top down risk assessment
  • Practical illustrations of implementing top down risk assessment


Click here for more Accounting & Auditing CPE webinars.

Learning Objectives

  • To learn of key steps such as 
  • Assessing entity level controls
  • Determining significant accounts
  • Linking to assertions
  • Identifying related controls for significant accounts
  • Linking to COSO principles

Recommended For

  • This online CPE webinar for CPAs is recommended for internal as well as external auditors interested who are involved in preparing a top down risk assessment.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Auditors
  • 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 CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

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

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • 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

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DD

Damon Desue, CPA (US)

Dec 27th, 2021

Good continuation of part I

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