OMB Circular A-123 and the Sarbanes-Oxley Act
A seminar about practical, cost-effective compliance with “Management’s Responsibility for Internal Control” for Federal Agencies and Public Companies
This timely, one-day seminar is designed for government accountants, auditors, section chiefs, directors, finance managers, attorneys, IT professionals and CPAs. Learn how agencies and public companies comply with the Office of Management and Budget (OMB) A-123 and the Sarbanes-Oxley Act without breaking the budget. Improve your Business by Improving your Internal Controls!
Cost of this 2 day seminar averages $1500/Attendee depending on location.
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Upcoming OMB Circular A-123 and SOX Seminars
Benefits of Attending
The 2004 revisions to OMB’s Circular A-123 focused on management’s responsibility for internal control in federal agencies. The changes were in direct response to the Sarbanes-Oxley Act which required public companies to improve their internal controls over financial reporting. The revised circular went into effect in fiscal year 2006.
This seminar’s instructors are cost-conscious internal control experts with experience in the public and private sectors. They have helped dozens of corporations comply with the Sarbanes-Oxley Act and have presented this engaging seminar throughout the United States since the Act’s ratification in 2004. The instructors will candidly share their experience and present a pragmatic approach to compliance.
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Seminar Highlights
- The Importance of Internal Controls in Your Organization
- Best Practices Learned from the Sarbanes-Oxley Act and A-123 Compliance
- Internal Control Frameworks of COSO and COBIT
- Risk Management, Business Process Management, and Key Controls
- Testing the Effectiveness of Internal Controls
- Preventing and Detecting Fraud
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Learning Objectives
- Attendees will understand the differences between the two compliance models
- Attendees will understand internal controls and their application in federal agencies
- Attendees will learn the compliance requirements of both the OMB and SOX
- Attendees will discuss how internal controls can manage risk and reduce fraud
- Attendees will identify methods for the management of operations improvement programs
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Key Issues on the Agenda
7:30 – 8:30 a.m.
8:30 – 10:00 a.m.
10:00 – 10:30 a.m.
10:30 – 10:45 a.m.
10:45 – 12:00 p.m.
12:00 – 1:00 p.m.
1:00 – 1:45 p.m.
1:45 – 2:30 p.m.
2:30 – 3:00 p.m.
3:00 – 3:15 p.m.
3:15 – 4:15 p.m.
4:15 – 5:00 p.m. |
Registration and Continental Breakfast
What Is Internal Control?
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Definition of Internal Control by OMB and Sarbanes-Oxley
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Common Principles Between SOX and A-123
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Top-Down Methodology for Internal Control
Assessment
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Financial Cycles and Business
Processes
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Internal Control Maturity Model
The OMB Implementation Guide
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Backgrounds and Standards
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Planning
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Evaluation of Entity Controls
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Evaluation of Process Controls
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Testing
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Reporting
Break
Internal Control Frameworks
- The COSO IC Framework
- The COSO ERM Framework
- Risk Management Strategies
- COSO Guidance for Small Companies
- Business Process Mapping
- The COBIT IT Framework
LUNCH
The Sarbanes-Oxley Act
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Titles and Sections
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Corporate Responsibility and Financial Controls
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The Role of the PCAOB
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Auditing Standards
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Material Weaknesses
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Best Practices for Compliance
Analyzing Internal Controls
- Categories of Internal Control
- Key Controls
- How Do We Test the Controls?
- Using IDEA Software to Analyze Data and Controls
- Internal Control Weaknesses
- ICW Remediation
- Documenting your Assessment
Corporate Fraud
- The Fraud Triangle
- Categories of Fraud
- Why do Frauds Occur?
- Where do Frauds Occur?
- Preventing and Detecting Fraud
Break
Managing the Compliance Process
- Program Management Strategies
- Software Tools
- Overcoming Management Problems
- Best Practice Methodologies
Where Do We Go from Here?
- SOX Trickle Effect
- Role of Internal Audit
- Roadmap to Compliance
- Sustaining Compliance and Improving your Business
- Dave’s Top Ten List |
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