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IT and SOX7 mins
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Approaches to evaluating IT for SOX20 mins
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IT Entity Controls27 mins
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Application vs. General41 mins
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Back-up and recovery57 mins
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Updating Baseline78 mins
Published: November, 2021
SOX (part of United States federal law) requires the chief executive and chief financial officers of public companies to attest to the accuracy of financial reports (Section 302) and require public companies to establish adequate internal controls over financial reporting (Section 404). Passage of SOX resulted in an increased focus on general IT controls, as these support financial processing and therefore fall into the scope of management's assessment of internal control under Section 404 of SOX.
This webinar will speak directly about the importance of general controls (GC), application controls (AC) and spreadsheet controls as they relate to Sarbanes-Oxley. In the initial years of SOX compliance, many felt that a material weakness could not result from a failure of any type of IT control. The world had changed. IT is no longer simply a back-office function. IT is of strategic importance to ICFR. It must be adequately evaluated from both a GC and AC level
The COBIT framework may be used to assist with SOX compliance, although COBIT is considerably wider in scope PCAOB and SEC guidance states technology controls should only be part of SOX 404 to the extent specific financial risks are addressed. This approach can significantly reduce the scope of IT controls required in the assessment. Scoping decision is part of the entity's top-down risk assessment and can utilize a baselining approach. However, to understand the aspects of how to scope and baseline information technology controls, the assessor must have a strong understanding of how technology controls impact internal controls over financial reporting.
Major topics covered in this online CPE webinar:
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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.
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.
Ms.
Fountain obtained her BSBA from Pittsburg State University and her MBA from
Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.
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.
7 Ratings
DD
Dec 29th, 2021
Great foundation on general, application and spreadsheet controls
1.5 Credits
Subject Area
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