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SOX for the External Auditor

Biweekly on Thursdays at 10:00 a.m. Central Time in one CPE event

This CPE SOX training has been developed specifically to assist External Audit firms to comply with the PCAOB Auditing Standard 2201.

 

This CPE training has been developed specifically to assist External Audit firms to comply with the PCAOB's expectations for the documentation concerning internal controls over financial reporting (ICFR). It is based on the best practices for auditing public companies, including planning engagements using the latest guidance from the SEC, PCAOB, COSO and COBIT.

This is one of several CPE events and workshops we present concerning compliance with the Sarbanes-Oxley Act. This CPE training seminar is designed for external auditors with PCAOB registered firms, attorneys, internal auditors and others engaged in the auditing of public companies.

Learn how the PCAOB Auditing Standards can be applied to test and evaluate internal control frameworks which comply with Sarbanes-Oxley. Improve your audit planning and documentation by improving your understanding of internal controls

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This timely, four hour morning CPE training event is designed for the CPA firm staff members who will be working on PCAOB regulated audits. The attendees will learn comply with this Auditing Standard and how it should be reflected in the auditing workpapers.

The retail cost of the online 4 CPE internal auditor training event is $240 per attendee.

Each attendee will receive 4 CPE Hours (YB). A certificate of completion will be provided.

Program Level of Understanding: Intermediate
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing, Personal Development
CPE Credits: 4, based on 50 minutes of instruction per hour

CPE Event Highlights

The seminar reviews and answers the following questions:

  • Audit Planning Process under PCAOB AS 2201

  • Risk Assessment Underlies the Entire Audit Process

  • Structure of the COSO and COBIT Internal Control Frameworks

  • Best Practices within Entity-Level Controls

  • Assessment of Entity-Level Controls

  • Testing the Effectiveness of Key Controls

  • Summary of PCAOB Guidance and Presentations

  • This seminar is based on the history of PCAOB activities and guidance (See History of PCAOB ICFR Assessment Activities below)

Learning Objectives

Attendees will:

  • Understand details within PCAOB AS 2201

  • Identify methods for improving their audit workpapers

  • Understand entity-level controls and their application to risks

  • Learn the available guidance from the PCAOB

  • Discuss how internal controls are used by clients manage risk and reduce fraud

Key Items on the Agenda

Section 1 - Introduction and Background

  • Introduction

  • History of Audits of Public Companies

  • Definition of Internal Control

  • Review of PCAOB Standards


Section 2 - Top-Down vs. Control-Based Compliance

  • Where did COSO Originate?

  • How COSO has developed

  • The risk-based approach within PCAOB AS 2201


Section 3 - Internal Control Frameworks Under SOX

  • What Internal Control Frameworks can be used by clients

  • COSO as defined in the Small Company Guidance

  • The 17 COSO Principles - Valuable Reference Materials

  • COBIT Information Technology Framework


Section 4 - PCAOB Auditing Standard 2201

  • Guidance for PCAOB Registered Auditors

  • Planning the Audit

  • Using a Top-Down Approach

  • Testing Controls

  • Evaluating Identified Deficiencies


Section 5 - Entity-Level Internal Controls

  • Assessing Entity-Level Controls

  • Examples of Key Controls at the Entity Level by COSO Principle

  • Best Practices within the Control Environment


Section 6 - Sarbanes-Oxley Act of 2002

  • Titles and Sections


Section 7 - Testing of Controls

  • Testing Process

  • Standards for Documenting and Testing Key Controls

  • Sample Size Logic

  • Measuring the Maturity of Controls


Section 8 - Going Forward

  • Future of Regulation

  • Roadmap to Compliance

  • Lessons Learned

  • Building Sustainability

  • Dave’s Top Ten