Sarbanes-Oxley (SOX): Top Down Risk Assessment Part 1

This course covers critical concepts of AS5 risk factors when identifying significant accounts and more.

4.10 (49 reviews)
Udemy
platform
English
language
Accounting & Bookkeeping
category
Sarbanes-Oxley (SOX): Top Down Risk Assessment Part 1
226
students
1.5 hours
content
Nov 2020
last update
$49.99
regular price

What you will learn

Explore a top down accounting Risk Assessment (RA).

Explore the importance of entity level controls.

Identify types of entity controls.

Explore linking controls to financial statement assertions.

Explore Committee of Sponsoring Organizations (COSO) principles to evaluate for the existence of required controls.

Description

In the early years of Sarbanes-Oxley (SOX), organizations went to significant detail documenting and testing financial processes. The Public Company Accounting Oversight Board (PCAOB) stressed in Auditing Standard 5 (AS5) the need to focus testing on those accounts that could materially impact the financial statements. AS5 prescribes that the auditor should use a top-down approach to the audit of Internal Control Over Financial Reporting (ICFR).

Although AS5 provides guidance on performing a top-down Risk Assessment (RA), many organizations still struggle with the concept. This course will focus on the requirement for a top-down RA and processes your organization can utilize to effectively apply the approach.  We will cover critical concepts of AS5 risk factors when identifying significant accounts as well as the importance of evaluating entity level controls.

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): Preparing for a Top Down Risk Assessment Part 1. 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.

Content

Introduction

Introduction to Sarbanes-Oxley (SOX): Preparing for a Top Down Risk Assessment P
Critical Components of Top Down Assessment
Types of Entity Controls
Assertions
Significant Accounts
Information Technology
COSO Principles
Scoring and Rating
Course Summary

Supporting Materials

Slides: Preparing for a Top Down Risk Assessment Part 1
Preparing for a Top Down Risk Assessment Part 1Glossary/Index

Review and Test

Review Questions
FINAL EXAM

Charts

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Enrollment distribution

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1319384
udemy ID
8/12/2017
course created date
12/1/2020
course indexed date
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