Accounting Implications of Sarbannes Oxley
One day course
This course is designed to cover the key implications for accounting department staff arising from the Sarbanes-Oxley Act. The aim of the course is to enable participants to understand the act and its practical implications, why it is important to the organisation and to understand the role of the accounts department in meeting the requirements.
The background and history behind Sarbanes – Oxley
How it affects foreign companies with US listings and overseas companies consolidated for US reporting
The key requirements of the act:
Section 302 –Financial Reports Attestation
- what are the regulations
- penalties for non-compliance
- practical implications of complying
Section 404 – Internal Controls
- What are the regulations
- The impact on investor perceptions
- The COSO framework:
- Control environment
- Risk assessment
- Control activities
- Information and communication
- Monitoring
- COBIT - Review of COBIT control processes
Other critical areas including:
- ‘Whistleblower’ procedure
- Role and duties of audit committees
- Process of auditor oversight
- Code of ethics/policies and procedures