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Sarbanes-Oxley and Beyond
- Key Sox element: Overview of the legislation
- Public Company Accounting Oversigh Board
- PCAOB Administration and Public Accounting Firm Registration
- Establish auditing standards
- Conduct inspections of registered public accounting firms
- Conduct investigation and disciplinary procedures
- Registration of the public accounting firms that perform audits of corporation
- Perform other standard and quality functions as the board determines
- Enforce SOx compliance
- Establish auditing standards
- Inspections, Investigation, and Disciplinary Procedures
- Auditing , Quality Control, and Independence Standards
- Audit workpapers retention
- Concurring partner approval
- Scope of internal control testing
- Evaluation of internal control structure and procedures
- Audit quality control standards
- Audit workpapers retention
- Accounting Standards
- PCAOB Administration and Public Accounting Firm Registration
- Auditor Independece
- Limitation on external auditor services
- Financial Information Systems design and implementation
- Bookkeeping and financial statement service
- Management and human resource function
- Other prohibited service
- Financial Information Systems design and implementation
- Audit committee preaproval of services
- External audit partner rotation
- External auditor reports to audit committees
- Conflicts of interest and mandatory rotations of external audit firms
- Limitation on external auditor services
- Corporate Resposibility
- Audit committee governance rules
- Section 302: Corporate responsibility for financial report
- Improper influance over the conduct of audit
- Forfeitures, bars and penalties
- Forfeiture of improper bonuses
- Bars to officer or director service
- Pension fund blackout periods
- Attorney proffesional responsibility
- Fair fund for investors
- Forfeiture of improper bonuses
- Audit committee governance rules
- Enhance Financial Disclosures
- Expanded conflict of interest provisions and disclosure
- Management assessment of internal control: section 404
- Financial officer code of ethic
- Required disclosures
- Expanded conflict of interest provisions and disclosure
- Analyst Conflicts of Interest
- Fraud Accountability and White-Collar Crime
- Corporate Fraud Accountability
- Public Company Accounting Oversigh Board
- Section 404 internal accounting control reviews
- Section 404 Internal Controls Assessment Today
- Launching the Section 404 Comliance Review
- Identifying Key Processes
- Internal Audit Role
- Consultant
- Reviewer and tester
- Help but not get involve with reviews
- Consultant
- Organizing the Project
- Organize the Section 404 compliance project approach
- Develop a project plan
- Select key process for review
- Document selected process transaction flow
- Assess selected process risk
- Assess control effectiveness through appropriate test procedures
- Review compliance results with key stakeholders
- Complete the report on the effectiveness of the internal control structure
- Organize the Section 404 compliance project approach
- Identifying Key Processes
- Section 404 Internal Controls Assessment Today
- SOx's Auditing Standard No. 5 (AS 5) risk-based approaches
- Focus internal control audit on the most important matters
- Eliminate procedures that are unnecessary to achieve their intended benefit
- Make the audit clearly scalable to fit the size and the complexity of any enterprise
- Simplify the text of the standard
- Focus internal control audit on the most important matters
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