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SOX Preparing for a Top Down Accounting Risk Assessment

  • Accountant
  • CRMA
  • CPA/CFF
  • CFE
  • CGAP
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • CBA/MCBA
  • CFIRS
  • CWS

Published: April, 2022

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

In the early years of SOX, organizations went to significant detail documenting and testing financial processes. The PCAOB stressed in AS5 the need to focus testing on those accounts that could materially impact the financial statements.  AS 5 prescribes the auditor should use a top-down approach to the audit of ICFR. 

Top down RA - Begin with controls and evaluate whether processes are in place to meet each principle.  Starting with controls and mapping to principles may not provide a fresh look at the adequacy of controls. Organizations must not take a one-approach for preparing top-down risk assessment. Organizations needs to monitor and re-evaluate RA every year for every significant accounts/disclosures. Five steps for top down RA should be categorized by considering scoring and weighing components. 

Although AS5 provides guidance on performing a top-down RA, many organizations still struggle with the concept. This session will focus on the requirement for a top-down RA and processes your organization can utilize to effectively apply the approach.  We will cover critical concepts of AS5 risk factors when identifying significant accounts as well as the importance of evaluating entity level controls.

Major topics covered in this online CPE webinar:

  • Critical Components of Top-Down Assessment
  • Types of Entity Controls
  • Determining Significant Accounts
  • Propensity for Fraud
  • COSO Principles

Click here for more Accounting & Auditing webinars.

Modules

  • 1.1 Introduction
  • 00:04:54
  • 1.2 Agenda
  • 00:01:06
  • 1.3 Top-Down RA Approach
  • 00:05:29

  • 2.1 Early Years
  • 00:03:19
  • 2.2 Top-Down RA
  • 00:00:44

  • 3.1 Entity Level Controls
  • 00:14:29
  • 3.2 Period End FR
  • 00:06:09

  • 4.1 Defining Assertions
  • 00:06:30

  • 5.1 Significant Accounts
  • 00:07:14
  • 5.2 Propensity for Fraud
  • 00:02:47

  • 6.1 IT Impact
  • 00:03:16

  • 7.1 COSO Principles
  • 00:10:33
  • 7.2 COSO 2013
  • 00:00:38

  • 8.1 Methodology
  • 00:15:32

  • 9.1 Summary
  • 00:03:41
  • 9.2 Ending Speech
  • 00:00:11

Learning Objectives

  • To define a top down accounting RA
  • To establish importance of entity level controls
  • Types of entity controls
  • To determine assertions and significant accounts
  • To link controls to financial statement assertions
  • To examine COSO principles to evaluate for existence of required controls
  • To identifying controls

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
  • Accounting Practice Owners
  • Auditors
  • Certified Public Accountant (CPA)
  • Chartered Professional Accountant
  • Chief Accounting Officer
  • Cloud Accountants
  • Cloud Firms
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 General Credit for Accountant/Bookeeper
  • 2 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 2 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Auditing for Certified Management Accountants (CMA)
  • 2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Internal Audit Practitioner (IAP)
  • 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 CPD Credit of Auditing for Certified Financial Forensics (CFF)
  • 2 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 2 CPE Credit of Auditing for Certified Valuation Analyst (CVA)
  • 2 CPE Credit for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Auditing for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 2 CPE Credit for Certified Government Auditing Professional (CGAP)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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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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