ELCs for SOX Compliance

This CPE event covers the following actions concerning ELCs required for Sarbanes-Oxley ICFR annual compliance programs:

1. Assess the company's current ELCs: Identify the key areas of financial reporting that are relevant to the company and evaluate the existing ELCs in place to ensure their effectiveness.

2. Develop a plan for the necessary ELCs: Based on the assessment, develop a plan that outlines the specific ELCs that need to be put in place to comply with Sarbanes-Oxley requirements.

3. Implement the controls: Put the ELCs in place, including any necessary changes to processes, procedures, and systems.

4. Test the controls: Using a “control self-assessment program” to regularly test the ELCs to ensure they are working as intended and are effective.

5. Document the controls: Keep detailed documentation of the ELCs, including the assessment, plan, implementation, testing, and any updates made over time.

6. Monitor and report: Regularly monitor the ELCs and report any deficiencies to the appropriate parties, including management and the audit committee.

The Learning Objectives include:

• Understand the importance of establishing ELCs in a Sarbanes-Oxley compliance program.

• Comprehend the regulatory requirements for ELCs in the Sarbanes-Oxley Act (SOX).

• Assess the current ELCs of an SEC registered organization and identify key areas of financial reporting that are relevant to the company.

• Develop a plan for ELCs that outlines the specific controls that need to be put in place to comply with SOX requirements.

• Implement ELCs, including any necessary changes to processes, procedures, and systems.

• Test the ELCs to ensure they are working as intended and are effective in detecting and preventing errors or fraud.

• Document the ELCs, including the assessment, plan, implementation, testing, and any updates made over time.

• Monitor the ELCs and report any deficiencies to the appropriate parties, including management and the audit committee.

• Identify best practices for maintaining effective ELCs over time, including continuous monitoring and regular updates to stay current with regulatory requirements.

• Apply the concepts and techniques learned during the training through hands-on exercises and case studies.

• Evaluate the effectiveness of entity level controls in an insurance organization and provide recommendations for improvement fo the ELCs.

• Gain knowledge of the latest trends and challenges in ELCs.

1. Introduction to Entity Level Controls (ELCs) and their importance in ensuring compliance and mitigating risk in an SOX compliance program.

2. Overview of regulatory requirements for ELCs, including the Sarbanes-Oxley Act (SOX).

3. Assessment of current ELCs: Identifying key areas of financial reporting and evaluating existing controls in place to ensure their effectiveness.

4. Planning and Implementation: Developing a plan for ELCs and putting controls in place, including any necessary changes to processes, procedures, and systems.

5. Testing and Monitoring: Regularly testing the controls to ensure they are working as intended and are effective in detecting and preventing errors or fraud.

6. Documentation and Reporting: Keep detailed documentation of the controls, including the assessment, plan, implementation, testing, and any updates made over time.

7. Best practices for maintaining effective ELCs in an SOX compliance program over time, including continuous monitoring and regular updates to stay current with regulatory requirements.

8. Conclusion and next steps for ongoing compliance and risk management efforts in the SOX compliance program.

The ELCs for SOX Compliance CPE program is a training program designed for internal audit professionals in the public compnay that has to comply with the Sarbanes-Oxley Aact (SOX). The program provides an in-depth understanding of how to establish entity level controls for SOX compliance.

The program covers the SEC regulatory requirements for ELCs, assessment of current ELCs, planning and implementation of new controls, testing and monitoring, documentation and reporting, and best practices for maintaining effective controls.