SOX Difficulty of Assessing Material Impact and Significant Deficiency 2 Credits
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Per AS5, the auditor must evaluate the severity of each control deficiency to determine whether the deficiencies, individually or in combination, are material weaknesses. The trick is…..what parameters should be considered when determining materiality.
In planning and performing the audit, the auditor is not required to search for deficiencies that, individually or in combination, are less severe than a material weakness. There are several definitions of materiality utilized in the profession that is promulgated by the AICPA, PCAOB, COSO, and others. This 2 CPE webinar will evaluate the various definitions such as COSO definitions of major deficiency, AU 325, and AS5 which are utilized by the Committee of Sponsoring organizations. Numerous examples related to Reconciliations, Standard Sales Contract,s, and several deficiencies will also be discussed during this 2 CPE webinar.
This online CPE webinar will cover several aspects of the concepts of material weakness and significant deficiency. We will evaluate recent cases of material weakness disclosures and updates from the PCAOB and its priorities.
Major topics covered in this online CPE webinar:
You might be interested in the Certification course for SOX Specialists.
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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.
Ms.
Fountain obtained her BSBA from Pittsburg State University and her MBA from
Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
TL
This was an excellent course and provided valuable information.
TKC
nice course
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