Course Level :Basic
Instructional Method :QAS Self Study
Advance Preparation :None
Published: April, 2022
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:
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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.
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.
Fountain obtained her BSBA from Pittsburg State University and her MBA from
Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.
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.