COSO has developed a new guidance that would improve the quality of the internal control systems of organizations including those that are using the financial reporting system in compliance with Section 404 of the Sarbanes-Oxley Act of 2002. Released during the first quarter of 2008, the guidance will result in a more efficient financial and operational reporting system of affected companies. It is strongly advised that they be familiar with this new system since they are the first ones who will benefit from it.
The Knowledge Congress is assembling a panel of distinguished experts from well-known accounting and auditing firms, key regulators, and industry leaders to provide the Finance & Internal Controls professionals with a first look at the substantial features of the new guidance. The panelists are scheduled to speak in a two-hour webinar.
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect
to continuing education credit.)
Advance Preparation: Print and review course materials
Course Code: 083751
Trent Gazzaway
Managing Partner of Corporate Governance
David Richards
President
Patrick Taylor
CEO
Deborah D. Lambert
CPA, CPCU, Managing Partner
Trent Gazzaway, Managing Partner of Corporate Governance, Grant Thornton LLP
- Overview of who is involved and how we developed the guidance
- Fundamental concepts contained in the guidance
- Effective monitoring requires a good foundation, which starts with the tone from the top of the organization
- Effective and efficient monitoring relies on an accurate risk assessment that continually adjusts for changes in the environment or controls
- Organizations should identify those controls that, when monitored, provide the best support (i.e., key controls). This rarely includes every control.
- Some information is more persuasive than other information in supporting a conclusion about control effectiveness. Chose the right information in the right circumstances.
- To the extent possible, build monitoring into everyday operations, rather than relying primarily on year-end evaluations.
David Richards, President, The Institute of Internal Auditors
- The Internal Auditor’s role in the Monitoring of Internal Controls
- Identifying key controls requiring monitoring – how can the internal auditor help?
- Setting a baseline of internal control effectiveness – internal auditing as the objective assessor
- Separate evaluations as part of the internal auditor’s work plan – how does that work?
- Tracking corrective actions resulting from monitoring activities – impact on internal auditing’s
Patrick Taylor, CEO, Oversight Systems, Inc.
** Speaker Agenda to be added soon.. **
Deborah D. Lambert, CPA, CPCU, Managing Partner, Johnson Lambert & Co.
- The external auditor perspective on monitoring controls
- Monitoring controls - key to attaining audit efficiency
- PCAOB AS 5 - Top Down approach
- Monitoring Controls vs AS 5 - fundamental consistencies
» Top Down approach
- Risk prioritization
- Entity level controls
- Other key controls
- Persuasive information
» Recognition that risks change over time
- Controllers
- CFOs/Senior Financial Executives
- Corporate Governance Executives
- SOX Executive or Program Manager
- General Counsel
- Consultants
This is a must attend event for everyone interested in helping their companies achieve effective operations and compliance and improve internal control over financial reporting.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A