Internal Controls: Hot Topics & Trends Self-Study Webinar (1.5 Hours)

Overview: 

This self-study webinar will provide an update on current trends associated with a company’s internal control environment, and expectations for public companies to maintain documentation of the execution of processes and controls, based on recent guidance and enforcement actions from the Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB). Topics to be discussed include:

  • Documentation expectations associated with management review controls
  • How to document the controls associated with information produced by the entity
  • Entity-wide controls
  • Controls over estimates and significant unusual transactions
  • Monitoring activities and evaluating deficiencies
  • Using digital audit techniques
Objective: 

To update financial professionals on recent SEC and PCAOB guidance and enforcement actions that impact the internal control environment, as well as expectations for public companies to maintain documentation of the execution of processes and controls.

Emphasis: 

•  Governance & Oversight
    – Objectives of an effective
       SOX program:
       – Maintain internal controls for
          internal and external risks
       – Achieve significant reliance
          on management’s work
          by external auditors
       – Minimize effort across
          organization, gain synergy
          through GRC efforts
   – Challenges to the control
      environment
   – Complexity of IT systems
   – Overlooked internal control
      implications
      – Divestitures
      – Mergers and acquisitions
      – Newly adopted accounting
         Standards
      – Newly implemented ERP
      – Rotation in external auditor
      – Significant business
         transformation
      – SOX training of process/
         control owners
•  Scoping, Control Environment
    & Execution

   – Leading practices
   – Performing end-to-end
      walkthroughs
   – Risk assessments
   – Internal control
      centralization
   – Management’s processes and
      controls documentation
   – Manual vs. automated controls
   – Third-party service providers
   – Optimizing the internal controls
      structure
   – Increasing internal control
      efficiency while reducing costs
•  Technology Enablement
   – Adopting emerging technology
   – Data analytics and visualization
      tools
•  Control Deficiencies & Areas
    of Focus

   – Management Review Controls
      (MRCs)
   – IT general control and manual
      deficiency themes
•  Recurring PCAOB Themes
   – IT considerations
   – Business process considerations

Identify the top objectives for SOX programs as identified by global survey respondents

Recognize the extent to which organizations consider the internal control implications of emerging trends

Recognize the reported extent of internal controls designated as manual

Identify the most commonly cited reason for companies to reassess their internal controls

Identify the most cited challenge of using data analytics in SOX scoping, planning, execution and reporting
 

Bottom
Price: 
$129.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Update.

CPE Credit: 
1.50
NASBA Field of Study: 
Accounting