Understanding Sarbanes-Oxley (SOX) Section 404 | Compliance Online Course by Udemy

Finance & Accounting Online Course by Udemy, On Sale Here

This course provides an overview of SOX Section 404 and discusses how one can effectively implement a program.

An excellent training about Compliance

Understanding Sarbanes-Oxley (SOX) Section 404

The most contentious aspect of SOX is Section 404, which requires management and the external auditor to report on the adequacy of the company’s internal controls over financial reporting (ICFR). This is the most costly aspect of the legislation for companies to implement, as documenting and testing important financial manual and automated controls requires enormous effort. This course provides an overview of SOX Section 404 and discusses how one can effectively implement a solid program to address the needs of Section 404.The Public Company Accounting Oversight Board(PCAOB) approved AuditingStandard No. 5 for public accounting firms on July 25, 2007.This standard superseded Auditing Standard No. 2, the initial guidance provided in 2004. The SEC also released its interpretive guidanceon June 27, 2007. These two standards together require management to: Understand the flow of transactions, including IT aspects, in sufficient detail to identify points at which a misstatement could arise;Evaluate company-level (entity-level) controls, which correspond to the components of theCOSOframework;Perform a fraud risk assessment;Evaluate controls designed to prevent or detect fraud, including management override of controls;Evaluate controls over the period-endfinancialreporting process;Scale the assessment based on the size and complexity of the company;Rely on management’s work based on factors such as competency, objectivity, and risk;Conclude on the adequacy of internal control over financial reporting. Sarbanes-Oxley was passed in 2002 and year one of attestation for publically traded companies was 2004. SOX section 404 is the most prominent of the many requirements covered under the legislation. Taking this course will prepare you to successfully address the challenges of Section 404 at your company – a high profile and critical process! If you would like Continuing Education Credit (e.g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: Sarbanes-Oxley (SOX) Section 404. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an approved-by-the-governing-body CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more.

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