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
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.
• 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 current relative importance of ESG reporting and sustainability matters in today’s reporting environment
• Recognize the top areas for internal audit to begin their involvement in ESG reporting
• Identify shareholder’s current expectations regarding a BOD’s role in the oversight of ESG matters
• Recognize the extent to which ESG reporting matters are currently integrated into existing governance and oversight models
