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SOX Section 302

  • ACCT/BK
  • CRMA
  • CIA
  • CMA
  • CPA (US)
  • IAP
  • QIAL
  • MAFF
  • CFIRS
  • CWS

Published: November, 2021

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Background and 302 requirements
    4 mins
  • Certification wording
    15 mins
  • Variances
    28 mins
  • Reaction
    42 mins
  • Lesson Learned
    64 mins

Course Description

The Sarbanes-Oxley Act, commonly referred to as SOX, was designed with the goal of implementing accounting and disclosure requirements that increase transparency in corporate governance and financial reporting with a formalized system of internal checks and balances.

SOX Section 302 is one of the most important sections of SOX from a compliance standpoint.

To re-establish investor confidence, the Sarbanes-Oxley legislation made executive certifications of financial statements a permanent requirement for all publicly traded companies in the U.S.  In doing so, they introduced a newly defined term “disclosure controls and procedures”. This expanded the concept of Internal Controls over Financial Reporting.

SOX Section 302 became effective August 29, 2002. It stated:

“The executive certification requirement applies to companies filing quarterly/ annual reports with the SEC under Section 13(a) or 15 (d) of 1934 Exchange Act.”  Since the implementation date for SOX 302 was well before SOX 404, many questions surfaced regarding the adequacy of procedures established.  In addition, many companies have not significantly revisited their procedures since initially establishing them.

SOX 302 certification requirements are essential to proper financial reporting.  All personnel should have a strong understanding of the requirements and their obligations related to SOX 302.  This course is designed to provide a deeper understanding of the requirements behind SOX 302, the meaning of the certifications required from management and an analysis of processes that should be continually re-evaluated for improvement.

Key topics covered in this online CPE course:

  • Background Section 302 requirements
  • Application
  • Certification wording
  • Other disclosure requirements
  • Disclosure controls and procedures
  • Types of Disclosure Controls
  • Management’s process
  • Initial management reaction
  • Need for change
  • Section 404 vs. 302


Click for more webinars on Accounting & Auditing

Learning Objectives

  • To discover background Section 302 requirements
  • To explore other disclosure requirements
  • To identify disclosure controls and procedures
  • To explore the management process
  • To recognize the differences between Sections 404 and 302

Recommended For

  • This IIA Approved SOX webinar is recommended for CIA and all other titles governed by IIA.
  • This online CPE webinar is recommended for CPA, CMA, Accountants and Finance Professionals, CFOs, CEOs, Compliance professionals involved in forming and assessing internal controls.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1.5 CPE Credit for Master Analyst In Financial Forensics (MAFF)
  • 1.5 CPE Credit for Internal Audit Practitioner (IAP)
  • 1 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 1.5 CPE Credit for Certified Management Accountants (CMA)
  • 1.5 CPE Credit for Certified Internal Auditors (CIA)
  • 1.5 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 1.5 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 1.5 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1.5 CE Credit for Certified Wealth Strategist (CWS)
  • 1.5 General Credit for Accountant/Bookkeeper (ACCT./BK)

Additional details

  • Course Level :
    Basic
  • Credits :
    1.5
  • 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.
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  • 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.
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  • 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.

Ratings and Review

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DD

Damon Desue, CPA (US)

Dec 27th, 2021

Great summary of the materials.

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