Presentation Date: Saturday August 1, 2009
  Presentation Time: 8:00 am-4:30 pm

CPE Session 01

SOX Section 404 Documentation

Presented By:

Robert Schwind, SOX Institute

Description: Practical, hands-on experience with best practices for SOX Section 404 internal control documentation, including adequacy of existing documentation; entity-level policies and procedures; IT and infrastructure control policies, automated compliance tools, and working with independent auditors.

Content: Case-study driven usage of COSO and ERM frameworks and principles. Documentation of entity-level information, activity-level flowcharts and process narratives, entity- and activity-level controls, risk-control-matrices (RCM) and other critical elements for Sarbanes Oxley Section 404 Documentation. Best practices of how to simplify and re-use documentation for cost-effective sustainable compliance.

Objective: Internal Controls over Financial Reporting in order to meet Sarbanes-Oxley Section 404's PCAOB Auditing Standard Number 5's requirements, and to prepare the controls for testing.

Field of Study: Accounting
Program Level: Basic

Intended Audience: Accounting, Auditing and Finance professionals with some familiarity of Sarbanes-Oxley gained by attending previous day's workshop (Fundamentals of Sarbanes-Oxley) covering COSO.

Format/Structure: Practical, hands-on experience with best practices for SOX Section 404 internal control documentation, including adequacy of existing documentation; entity-level policies and procedures; IT and infrastructure control policies, automated compliance tools, and working with independent auditors. Content: Case-study driven usage of COSO and ERM frameworks and principles. Documentation of entity-level information, activity-level flowcharts and process narratives, entity- and activity-level controls, risk-control-matrices (RCM) and other critical elements for Sarbanes Oxley Section 404 Documentation. Best practices of how to simplify and re-use documentation for cost-effective sustainable compliance.

Learning Objective: Understand the importance of using COSO to satisfy PCAOB's AS 5. Capture and document entity-level information across the organization. Document (flowchart/narrative) processes. Document entity- and activity-level controls in the format of a Risk-Controls-Matrix (RCM).

Prerequisites: None

Advanced Preparation Required: Familiarity with COSO framework from Fundamentals of Sarbanes-Oxley workshop.

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