Limited Period Offer - Get Unlimited Access to 10k+ hours of content with myCPE Prime at $199. Subscribe Now

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

Published: April, 2022

Register
Video Image Thumbnail

You need to register for the webinar to watch the video.

Click Here to Register

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 of Auditing for Accountant/Bookkeeper/Tax Professionals
  • 2 CPE Credit of Auditing 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 of Auditing for Internal Audit Practitioner (IAP)
  • 2 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
  • 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 of Auditing for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Auditing for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 2 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)

Additional details

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

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.

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

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.