SOX Preparing for a Top Down Accounting Risk Assessment

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SOX Preparing for a Top Down Accounting Risk Assessment

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

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.

1.1 Introduction
04:54

1.2 Agenda
01:06

1.3 Top-Down RA Approach
05:29

2.1 Early Years
03:19

2.2 Top-Down RA
00:44

3.1 Entity Level Controls
14:29

3.2 Period End FR
06:09

4.1 Defining Assertions
06:30

5.1 Significant Accounts
07:14

5.2 Propensity for Fraud
02:47

6.1 IT Impact
03:16

7.1 COSO Principles
10:33

7.2 COSO 2013
00:38

8.1 Methodology
15:32

9.1 Summary
03:41

9.2 Ending Speech
00:11

Webinar Qualifies For

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

2 Hours

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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Jehu (jay) Matos, CFE, CISA, CIA

Presented in a clear and logical manner.

Stacey Poli, CPA (US)

Good examples and templates to support content.

Simran Bhatia, CISA

Nice!

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Auditing

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SOX Preparing for a Top Down Accounting Risk Assessment

Course Details

Learning Objectives

Course Description

Modules

1 Introduction and Agenda 3 Modules | 11 Mins

Introduction and Agenda

2 Critical Components of Top-Down Assessment 2 Modules | 4 Mins

Critical Components of Top-Down Assessment

3 Entity Controls 2 Modules | 20 Mins

Entity Controls

4 Assertions 1 Modules | 6 Mins

Assertions

5 Significant Accounts 2 Modules | 10 Mins

Significant Accounts

6 Information Technology 1 Modules | 3 Mins

Information Technology

7 COSO Principles 2 Modules | 11 Mins

COSO Principles

8 Scoring and Rating 1 Modules | 15 Mins

Scoring and Rating

9 Closing 2 Modules | 3 Mins

Closing

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

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

Other Details

Additional Information

2 Hours

Basic

QAS Self Study

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.4

Jehu (jay) Matos, CFE, CISA, CIA

Stacey Poli, CPA (US)

Simran Bhatia, CISA

Subject Area

Unlimited Access Plan

Inclusions