SOX Identifying And Documenting Controls

Learning Objectives

• To explore the types and methods of internal controls.
• To identify controls related to Initiation, Authorization, Processing and Recording.
• To identify the various methods of documentation, and recognize the differences between control narratives vs. control flowcharts.
• To explore how to update and maintain documentation.

Course Description

No one can claim that SOX 404 compliance and developing a SOX controls compliance program is easy. We can say, however, that the overall process has become much easier after years of practice and an evolving understanding—by regulators, companies, auditors and, yes, consultants—over what’s needed to create a solid internal control framework that reduces the risk of a material misstatement of the financial statements.

In fact, the process has opened up incredible efficiencies within companies as they discover during the identification, and documentation of their Sarbanes-Oxley internal controls that there are much better ways of getting done. This applies to the operations within the finance department and beyond that has any effect on how financial information is processed, analyzed and reported.

This online CPE course explores how Identifying and documenting controls for Sarbanes-Oxley is key to enabling the evaluation of process design.  It will also ensure testing processes can be effectively executed.  Assessors must have a strong understanding of the types and methods of internal controls.  Documentation methods must meet organizational needs.

To identify controls, you must understand the concept of internal control.  Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives in the following areas: effectiveness/efficiency of operations; reliability of financial reporting; compliance with applicable laws/regulations; safeguarding assets.  You must also understand the types of control and the various methods of documentation.

This webinar will cover the following key topics:

• Understanding controls
• Types of controls
• Identifying controls
• Initiation
• Authorization
• Processing
• Recording
• Determining what to document
• Methods for documenting
• Control narratives vs. control flowcharts
• Updating and maintaining documentation

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Overview

• Understanding Controls

  6 mins
• Identifying Controls

  15 mins
• Authorization

  25 mins
• Documentation

  34 mins
• Types of Documentation

  53 mins
• Organization Chart

  78 mins