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

Overview: 

This 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
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 Structure
   – Three Lines of Defense
      (LOD) model
       – Risk ownership
       – Compliance
       – Internal audit function
•  ICFR Program
•  Major System Implications
   – Systems development
   – Business process controls
   – Application security
   – Data conversion
   – Interfaces and custom-
      izations
   – IT General Controls
      (ITGC)
•  Outsourced Systems
   – Responsibility and
      oversight
   – Vendor management
•  Service Organization
   Controls (SOC)
   – What can you do if SOC
      report is unavailable?
   – ICFR and financial state-
      ments
•  Segregation of Duties
•  Data Analytics
   – Evaluating controls and
      risks
   – Applying analytics to
      your ICFR program
•  Leveraging Technologies &
   Tools
   – Effectively managing
      internal controls
   – Optimizing ICFR programs
      using GRC technology
•  Changes to Accounting
   Standards
•  SOX Section 302
    Certifications
   – Appropriate due diligence
   – Disclosure committee
      framework
•  Scope & Mix of Controls
   Testing
   – Materiality and scoping
•  Management Review
   Controls
   – Significant issues
   – Level of precision
•  Information Produced by the
    Entity (IPE)
•  Population Completeness
•  Related Parties
   – AS 18-related parties
•  Deficiency Impact Analysis
•  Remediation of Deficiencies
 

Bottom
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Update.

CPE Credit: 
1.50
NASBA Field of Study: 
Accounting