SOX General Controls, Application Control, Spreadsheet Controls

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Learning Objectives

To identify controls to evaluate as it relates to information technology (IT) and SOX
To explore the IT control framework and recognize how to approach towards IT evaluation
To explore IT entity controls
To differentiate application controls (AC) vs general controls (GC)
To identify information technology general controls (ITGC) that are specific to financial reporting

Course Description

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:

Information technology and SOX
IT Control Framework
IT Entity controls
Application vs. General Controls
Information Technology General Controls
Application controls
IT Baselining
Spreadsheet processes

Click for more webinars on Accounting & Auditing

1.1 Introduction
06:19

1.2 Agenda
02:12

2.1 IT and SOX
05:15

2.2 Sarbanes-Oxley Sequence
01:13

3.1 IT SOX Controls
04:01

3.2 IT Control framework
00:31

3.3 COBIT
02:05

4.1 Approach
01:57

4.2 IT Approach
02:22

4.3 IT Risk factors
02:27

5.1 IT Entity Controls
12:32

5.2 Application vs General Controls
06:21

6.1 IT General Controls
04:17

6.2 ITGC Specific to FR
00:57

7.1 Security Administration
03:57

7.2 Change Management
02:56

8.1 Backup & Recovery
03:07

8.2 SDLC Controls
01:55

8.3 FS Assertions and Controls
02:31

8.4 IT SOD
02:06

9.1 What is an application controls and their categories
05:05

9.2 Classification
02:52

9.3 Edit vs. Validation
00:50

10.1 IT Baselining
04:50

10.2 Updating baselining
05:03

11.1 Spreadsheets
03:55

11.2 Spreadsheets Controls
02:27

12.1 Summary
02:39

12.2 Ending Speech
00:11

Webinar Qualifies For

1.5 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
1.5 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
1.5 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
1.5 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
1.5 CPE Credit of Auditing for Certified Management Accountants (CMA)
1.5 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
1.5 CPD Credit of Auditing for Certified Financial Forensics (CFF)
1.5 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
1.5 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
1.5 CPE Credit of Sarbanes-Oxley for Certified Internal Controls Auditor (CICA)
1.5 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
1.5 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
1.5 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
1.5 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)
1.5 CPE Credit of Sarbanes-Oxley for Certified Controls Specialist (CCS)

About Instructor

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.

Additional Information

Duration

1.5 Hours

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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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.

Ratings and Review

4.3

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Keith Terreri, CPA (US)

very thorough

1.5 Credits

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Auditing

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Verification Code

SOX General Controls, Application Control, Spreadsheet Controls

Course Details

Learning Objectives

Course Description

Modules

1 Introduction and Agenda 2 Modules | 8 Mins

Introduction and Agenda

2 IT and SOX 2 Modules | 6 Mins

IT and SOX

3 Identifying Technology controls to evaluate 3 Modules | 6 Mins

Identifying Technology controls to evaluate

4 Approach to evaluating IT for SOX 3 Modules | 6 Mins

Approach to evaluating IT for SOX

5 Technology Entity Controls and Application vs General Controls 2 Modules | 18 Mins

Technology Entity Controls and Application vs General Controls

6 General controls 2 Modules | 5 Mins

General controls

7 Security Administration and Change Management 2 Modules | 6 Mins

Security Administration and Change Management

8 Backup & Recovery and SDLC Controls 4 Modules | 9 Mins

Backup & Recovery and SDLC Controls

9 Application Controls 3 Modules | 8 Mins

Application Controls

10 IT Baselining 2 Modules | 9 Mins

IT Baselining

11 Spreadsheets 2 Modules | 6 Mins

Spreadsheets

12 Closing 2 Modules | 2 Mins

Closing

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

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

Other Details

Additional Information

1.5 Hours

Basic

QAS Self Study

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.3