Sarbanes-Oxley: A Complete Review & Update Self-Study Webinar (10 Hours)

Overview: 

The Sarbanes-Oxley Act may be the most important legislation affecting public companies and their auditors since the SEC was created. An expert explains each section of the law and how it affects you now and in the future. You’ll thoroughly cover:

  • Section 404 compliance— effective internal accounting controls
  • The latest guidance from the SEC and PCAOB
  • Specific steps your public company must take to meet the spirit and requirements of the Act
Objective: 

To provide accountants in public companies with a thorough understanding of the Sarbanes-Oxley Act and the rules and regulations it generated. You’ll understand what actions governing and regulatory bodies are taking to ensure compliance. You’ll analyze how these rules and regulations change what you need to do. And you’ll gain detailed knowledge about internal accounting control and certification requirements under Sections 302 and 906.

Emphasis: 
  • PCAOB: formation, roles and responsibilities
  • PCAOB’s auditing standards
  • Procedures for hiring and managing external auditors
  • Auditor independence and partner rotation requirements and proposed changes
  • Audit Committee requirements
  • Pending legislation affecting SOX
  • Increased penalties for senior management
    – Disgorgement of bonuses and stock option proceeds
    – Lifetime bar from working as an officer of a public company
  • Changes to company pension plans and blackout period reporting and notification
  • Rules of conduct for attorneys in SEC practice
  • Changes in reporting to shareholders, including internal controls, material events, off-balance sheet transactions, code of professional conduct and many more
  • Integrating the updated COSO Framework for internal controls
  • Prohibition against loans to officers and directors and what constitutes a “loan”
  • Changes to SEC reviews of public company reports
  • Increased criminal penalties for fraud, destruction of audit records, coercing auditors and impeding an investigation
  • Increased protection for corporate whistleblowers

Identify the public and political climate surrounding the passage of Sarbanes Oxley (the Act)

Recognize the overall scope of the Act

Identify the major provisions of the Act, by Title

Recognize the Congressional intent behind the creation, within the Act, of the Public Company Accounting Oversight Board (PCAOB)

Identify the professional standards the Act authorized the PCAOB to promulgate

Identify the frequency with which the PCAOB inspects auditing firms

Identify prohibited non-audit services under the Act’s independence rules

Recognize the lead auditor’s mandatory rotation and time-out periods under the Act

Recognize the client employment positions for which an audit team member would be subjected to the Act’s mandatory “cooling off” provisions

Identify the structure and constraints applicable to the mandatory audit committee under the Act

Recognize the subject matter of the Act’s mandatory Section 302 certification

Recognize the specifics of the clawback provisions of Section 304 of the Act

Recognize the overall objectives of the Act’s Section 404 ICFR requirements

Identify the differences between significant deficiencies and material weaknesses under Section 404

Identify the role of the COSO framework in the context of ICFR

Identify the interrelated components of the COSO framework

Recognize the significance of Section 404 compliance on an on-going basis

Recognize examples of both “hard” and “soft” controls in the context of Section 404 compliance

Recognize the primary purpose of the performance of an entity-level assessment of ICFR

Identify the role of documentation in the context of Section 404 compliance

Recognize the application of SEC guidance regarding Section 404 to smaller companies

Recognize the range of penalties applicable to violations of Section 906 of the Act

Bottom
Price: 
$219.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
10.00
NASBA Field of Study: 
Accounting