SOX Testing

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SOX Testing

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.

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

1.1 Introduction
08:32

1.2 Agenda
01:06

2.1 Selection of Controls
05:18

2.2 Design Effectiveness
06:15

3.1 Operating Effectiveness
03:18

3.2 Risk Related to controls
11:02

4.1 Nature of test
03:42

4.2 Timing of test
03:04

5.1 Key and Non-key Controls
05:38

6.1 Inquiry
03:54

6.2 Observation
03:04

6.3 Re-performance
04:12

Webinar Qualifies For

1 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
1 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
1 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
1 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
1 CPE Credit of Auditing for Certified Management Accountants (CMA)
1 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
1 CPD Credit of Auditing for Certified Financial Forensics (CFF)
1 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
1 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
1 CPE Credit for Certified Internal Controls Auditor (CICA)
1 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
1 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
1 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
1 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)
1 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

1 Hour

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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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.

Ratings and Review

4.4

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Shavarl Rolle, CPA (US)

great

Stacey Poli, CPA (US)

The revisiting of prior material was not needed.

Simran Bhatia, CISA

Good!

Bjohnson Bjohnson, CISA, CIA

The topics covered in this course were relevant and helpful.

1 Credit

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Subject Area

Auditing

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Verification Code

SOX Testing

Course Details

Learning Objectives

Course Description

Modules

1 Introduction and Agenda 2 Modules | 9 Mins

Introduction and Agenda

2 Selecting Controls to Test and Effectiveness of design 2 Modules | 11 Mins

Selecting Controls to Test and Effectiveness of design

3 Testing operating effectiveness and relationship of risk to controls tested 2 Modules | 14 Mins

Testing operating effectiveness and relationship of risk to controls tested

4 SOX - Nature and Timing of Tests 2 Modules | 6 Mins

SOX - Nature and Timing of Tests

5 Controls - Key vs Non-key 1 Modules | 5 Mins

Controls - Key vs Non-key

6 Types of Tests 3 Modules | 11 Mins

Types of Tests

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

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

Other Details

Additional Information

1 Hour

Basic

QAS Self Study

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.4

Shavarl Rolle, CPA (US)

Stacey Poli, CPA (US)

Simran Bhatia, CISA

Bjohnson Bjohnson, CISA, CIA

Subject Area

Unlimited Access Plan

Inclusions

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