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SOX Testing

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

SOX is a U.S. federal law requiring all public companies doing business in the United States to comply with the regulation. The law is intended to increase the accuracy and reliability of corporate disclosures in financial statements while protecting investors from fraudulent accounting practices. It also increases the responsibility of corporate governance. The bill was introduced following the Enron Corporation, WorldCom, and Tyco International fraud and accounting scandals in the early 2000s.

It would be nice if the SEC could just use the honor system for compliance. But we all know that outside of the Boy Scouts and maybe elementary school classrooms – emphasis on the maybe – there's a very good reason for rules and regulations and Sarbanes-Oxley testing is a perfect example of that notion, a mandatory system of checks and balances that ensures everyone is playing by the rules. 

Often, when the term Sarbanes-Oxley come up, individuals contemplate the testing processes that are required to be executed.  SOX compliance testing is the process by which a company’s management assesses internal controls over financial reporting. This control testing is mandated by The Sarbanes-Oxley Act of 2002 (SOX). But as evidenced many things must occur prior to even beginning to contemplate what, when and how to test. 

This online CPE course focuses on the validation of control operations, which is executed through test of controls. Tests can be performed in multiple ways and will be dependent on the type of control.  In some instances, several tests may be performed on one control.

Major topics covered in this online CPE webinar:

  • Selecting controls to test
  • Testing design/operating effectiveness
  • Relationship of risk and evidence
  • Nature/timing of test of controls
  • Key vs. secondary controls

Testing processes

  • Inquiry
  • Observation
  • Re-performance
  • Walkthroughs
  • Data Mining
  • Documenting testing results


Click for more webinars on Accounting & Auditing

Modules

  • 1.1 Introduction
  • 00:08:32
  • 1.2 Agenda
  • 00:01:06

  • 2.1 Selection of Controls
  • 00:05:18
  • 2.2 Design Effectiveness
  • 00:06:15

  • 3.1 Operating Effectiveness
  • 00:03:18
  • 3.2 Risk Related to controls
  • 00:11:02

  • 4.1 Nature of test
  • 00:03:42
  • 4.2 Timing of test
  • 00:03:04

  • 5.1 Key and Non-key Controls
  • 00:05:38

  • 6.1 Inquiry
  • 00:03:54
  • 6.2 Observation
  • 00:03:04
  • 6.3 Re-performance
  • 00:04:12

Learning Objectives

  • To identify methods to ensure the proper controls are selected for testing.
  • To identify the variance between key controls and secondary controls.
  • To discuss testing procedures for design and operating effectiveness of controls.
  • To evaluate methods for executing testing such as: inquiry, observation, reperformance, walkthroughs, and data mining.
  • To explore the nature of timing for your test of controls.

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

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • 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

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