The cost of hiring external consultants to implement Sarbanes Oxley into your organization will be significant. Remember, SOX compliance is not a one time event or project. An assessment of internal controls by management must occur each year as long as your shares are trading on a US based exchange. The backup for that assessment has to be accumulated and documented. External auditors are required to give an opinion on those controls yearly. In fact, more and more companies are implementing SOX as a best practice and as a way to be seen as a responsible entity to both creditors and customers.

The consistent operation of internal controls over financial reporting is key to achieving compliance. The only way that can happen is if your employees are educated about SOX and know what to look for and how to act in questionable situations. In order to curtail the costs of compliance, your employees need to contribute on a daily basis.

We can provide training to employees at your business location. As no two companies are exactly alike, we will work with you to tailor our programme to suit your needs.

Topics Covered in our In-House Training Course :

• Introduction to “SOX” 

Response to Corporate Fraud
Entities that are required to comply – not a “nice to have”
Potential negative impact of Non - Compliance
New External Auditor Opinion

• Terms and Definitions  

  PCAOB
  COSO
  Control Environment
  Risk Assessment
  Control Activities
  Information and Communication
  Monitoring
  COBIT
  Section 302 and 404
  “Top Down” and “Risk Based” Approach
  “Preparer and Reviewer” Concept
  Financial Statement Assertions
  Materiality
  Control Objectives
  Entity-Level Controls
  Activity-Based Controls
  Manual Controls
  Automated Controls
  Segregation of Duties
  Types of Deficiencies
  Minor Deficiency
  Significant Deficiency
  Material Weakness

• Planning and Preparation Phase  

Corporate Governance
Importance of “Tone at the Top”
Communication with Employees
Map Financial Statement accounts to Business Cycles
Map Business Cycles to Controls
Communication with External Auditors
Role of Internal Audit
IT Involvement
Project Management
Quality Assurance
Implementation Team

• Testing and Implementation Phase  

Narratives
Flowcharts
Walkthroughs
Deficiency Log
Remediation of Deficiencies
Testing Matrix
Mitigating Controls
Evaluation of Impact of Remaining Deficiencies at Year End
Managements Report on Internal Controls

Who is the In-House Training developed for?

• Business professionals wishing to gain a good understanding of internal controls and assessing an internal control environment
• Managers and employees who will be involved in a SOX Implementation Project

 Prerequisites  

• Since SOX is concerned with Internal Controls over Financial Reporting (ICOFR), you should have some basic financial knowledge.

Materials Provided  

• Manual of material covered in training session
• We can also tailor our training program to conform to your specific needs

Contact us for a free consultation