SOX 404 Critical Concepts and COSO 2013

Duration: 90 Minutes
With the release of COSO 2013 and the implementation date now passed, companies have been scrambling to take a renewed look at their ICFR processes and their key controls related to SOX. COSO 2013 includes 17 principles that must be attested to affirm the company's compliance with the internal control framework and application to SOX attestation. This webinar will take a detailed look at the requirements of section 404 and important design and testing expectations.
SOX 404 Requirements
Instructor: Lynn Fountain
Product ID: 509197
Undoubtedly Section 404 of the Sarbanes-Oxley legislation has had the most impact on companies, public accounting firms and investors. This section requires management and the external auditor to report on the adequacy of the company's internal control on financial reporting (ICFR). This is the most costly aspect of the legislation for companies to implement, as documenting and testing important financial manual and automated controls requires enormous effort. Ten years plus after initial implementation, companies are still evaluating new ways to synergize their SOX 404 process design and testing.

Objectives of the Presentation
  • Summary of SOX 404 requirements
  • COSO and the internal control framework
  • SEC and PCAOB ongoing SOX 404 requirements
  • Performing an accounting risk assessment
  • Documentation and testing requirements
  • Significant deficiency and material weakness
Why Should you Attend
Sarbanes-Oxley is one of the most significant pieces of legislation that has been passed related to internal controls over financial reporting. SOX Section 404 is the most laborsome and critical component of the act for most companies. The ability to have a continual process improvement initiative to take a fresh look at controls and procedures is critical to maintaining an effective ICFR process. COSO 2013 has increased the focus on this initiative.

The Sarbanes-Oxley legislation was passed in 2002 post the issue that occurred in corporate America around improprieties in financial reporting. The legislation is intended to provide transparent financial reporting to investors and shareholders. The implementation process has evolved significantly since the initial years of SOX. The change from Auditing Standard 2 to Auditing Standard 5 lifted some of the detailed obligations companies were required to comply with. However, with the impetus of COSO 2013, some believe the pendulum is swinging back in the other direction. SOX is a topic that company management must stay fully abreast and aware of in order to synergize their overall processes.

Who will Benefit
  • Chief Compliance Officers
  • Chief Risk Officers
  • Chief Legal Officers
  • Chief Audit Executives
  • Internal Auditors
  • Risk professionals
  • Compliance professionals
  • Quality Assurance professionals
$200
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Instructor Profile:
Ms. Fountain has over 30 years of experience in business profession including, public and industry accounting, leadership, compliance, governance and internal/external audit. Her career has included serving in the capacity of Chief Audit Executive for two international companies. In addition, she has successfully executed her own consulting practice for over six years.

Her initiatives in Internal Audit and Enterprise Risk Management have been highlighted in various professional publications. Ms. Fountain is a subject matter expert in areas of internal audit, risk management, governance, fraud and compliance. Ms. Fountain is a highly recruited international trainer and speaker for multiple conference groups and the Institute of Internal Auditors. She currently hosts two e-workshop series for the IIA on fraud and ethics. In addition, she is currently contracted to complete a publication for the IIA Research foundation on Fraud.


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