SOX FOR NPO S Focus on Control. Stephen L. Kuptz, CPA
|
|
- Morgan Young
- 6 years ago
- Views:
Transcription
1 SOX FOR NPO S Focus on Control Stephen L. Kuptz, CPA
2 Personal Background and Perspective SOX for NPO s Focus on Control 2
3 Introduction to SOX The Sarbanes Oxley Act of 2002 commonly called Sarbanes Oxley, Sarbox or SOX, is a United States federal law which set new or enhanced standards for all U.S. public company boards, management and public accounting firms. The bill was enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. The effects of SOX have now spilled over to non profits due to the financial transgressions of entities such as United Way, Red Cross and the Fiesta Bowl. SOX for NPO s Focus on Control 3
4 Introduction to SOX (cont d) The Sarbanes Oxley Act of 2002 was enacted to restore confidence in U.S. capital markets and public company financial reporting SOX section 404 requires public reporting companies to file a report on internal controls with their annual reports The report must state the responsibility of management for establishing and maintaining an adequate internal control structure SOX for NPO s Focus on Control 4
5 Results of SOX Total number of restatements over the last four years has leveled off. SOX for NPO s Focus on Control 5
6 Why SOX for NPO s? Highest Level of Stewardship and Accountability (ACSI, WASC, ECFA) Increases Stakeholder Confidence Mitigates Risk (Particularly COSO Framework) Provides reliable information supporting sound decision making SOX for NPO s Focus on Control 6
7 Board of Directors Responsibility SAS 115 Cited Deficiency: Ineffective oversight of the organization s financial reporting and internal controls by those charged with governance Auditor Significant Deficiency Comment: During the course of our audit, we determined that internal controls are now properly documented. We did not see any evidence, however, that the board has reviewed management s internal control risk assessment, nor that the board has monitored the design and effectiveness of the internal controls put in place by management in response to its risk assessment. SOX for NPO s Focus on Control 7
8 What Did We Do at SFC? In 2012 Adopted and implemented the requirements of section 404 of the Sarbanes Oxley Act of 2002 Based our assessment of the effectiveness of internal control on the criteria established in the December, 2011 draft COSO Internal Control Integrated Framework SOX for NPO s Focus on Control 8
9 What is COSO Internal Control Integrated Framework? COSO Integrated Framework provides the structure and guidance for establishing, testing, monitoring and reporting on a company s system of internal controls SOX for NPO s Focus on Control 9
10 What is Internal Control? A process, affected by an entity s Board of Directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of OBJECTIVES relating to operations, reporting and compliance SOX for NPO s Focus on Control 10
11 Internal Control Integrated Framework First published in 1992 Gained wide acceptance following financial control failures of early 2000 s Most widely used Framework in the U.S. Also widely used around the world ORIGINAL COSO CUBE Source: AICPA Learning Center 11
12 COSO Internal Control Integrated Framework 2013 Consists of three volumes: Executive Summary Framework and Appendices Illustrative Tools for Assessing Effectiveness of a System of Internal Control Sets out: Definition of internal control Categories of objectives Components and principles of internal control Requirements for effectiveness SOX for NPO s Focus on Control 12
13 Update considers changes in business and operating environments Environments changes... have driven Framework updates Expectations for governance oversight Globalization of markets and operations Changes and greater complexity in business Demands and complexities in laws, rules, regulations, and standards Expectations for competencies and accountabilities Use of, and reliance on, evolving technologies Expectations relating to preventing and detecting fraud SOX for NPO s Focus on Control 13
14 COSO Pyramid Objectives (3) Operations Reporting Compliance Components (5) Control Environment Risk Assessment Control Activities Information and Communication Monitoring Principles and Attributes (17) SOX for NPO s Focus on Control 14
15 What are Objectives? COSO sets forth three categories of internal control objectives in its May, 2013 Integrated Framework: Operations Objectives Reporting Objectives Compliance Objectives These objectives allow organizations to focus on differing aspects of internal control. They remain unchanged from the 1992 Framework SOX for NPO s Focus on Control 15
16 What are Objectives? Operations Objectives: Pertain to the effectiveness and efficiency of the entity s operations, including operational and financial performance goals, and safeguarding assets against loss Reporting Objectives: Pertain to internal and external financial and non financial reporting Compliance Objectives: Pertain to laws and regulations to which the entity is subject SOX for NPO s Focus on Control 16
17 What are Components and Principles? Control Environment Risk Assessment Control Activities Information & Communication Monitoring Activities 1. Demonstrates commitment to integrity and ethical values 2. Exercises oversight responsibility 3. Establishes structure, authority and responsibility 4. Demonstrates commitment to competence 5. Enforces accountability 6. Specifies relevant objectives 7. Identifies and analyzes risk 8. Assesses fraud risk 9. Identifies and analyzes significant change 10. Selects and develops control activities 11. Selects and develops general controls over technology 12. Deploys through policies and procedures 13. Uses relevant information 14. Communicates internally 15. Communicates externally 16. Conducts ongoing and/or separate evaluations 17. Evaluates and communicates deficiencies Source: AICPA Learning Center 17
18 SFC Internal Control Components Internal Control and Risk Assessment Report Address each of the 17 COSO Principles Internal Control Scoping Memorandum (SOX 404) Risk Identification and Analysis by Account and Disclosure Focus on Medium and High Risk Accounts (Cash, Receivables, Restrictions) SOX for NPO s Focus on Control 18
19 SFC Internal Control Components Key Controls Mapping Plan Control Owner Control Frequency (Annual, Semi, Monthly) Control Properties (Preventive, Detective, Manual, Auto, etc.) FS Assertions (Existence/Occurrence, Completeness, etc) Key Controls Summary and Testing Plan 38 Key Controls Tested Quarterly and Report to Board SOX for NPO s Focus on Control 19
20 Results 2012: No Audit Adjustments No Management Letter Comments 2013: No Audit Adjustments No Management Letter Comments Our Board of Directors, Management and Stakeholders can rely on the financial information we present throughout the fiscal year enabling us to make sound business decisions on a real time basis SOX for NPO s Focus on Control 20
21 QUESTIONS AND COMMENTS
Community Bankers Conference
3rd Annual Regional and Community Bankers Conference The Federal Reserve Bank of Boston Disclaimer NEVER WRONG DON T COMPLETELY RELY UPON Recent Developments in Audit Practice SOX, FDICIA 112, Other Robert
More information9/17/2017. An Overview of COSO s New Framework and Implementation Guidance SPEAKER. Laura Harden, CPA History
An Overview of COSO s New Framework and Implementation Guidance SPEAKER Laura Harden, CPA lharden@cbh.com History 2 1 About COSO Committee of Sponsoring Organizations Formed in 1985 to sponsor the National
More informationPractical Approach to Internal Controls for Pre & Post IPOs in Hong Kong & China
Compliance Services: Accounting, Operations, and IT Processes 3394 Holly Oak Lane, Escondido, California 92027 Tel: 760.550.2160 Fax: 760.839.2160 Practical Approach to Internal Controls for Pre & Post
More informationFDICIA Reporting for Financial Institutions. Reporting Changes Under Part 363 and SAS 130
FDICIA Reporting for Financial Institutions Reporting Changes Under Part 363 and SAS 130 CONTENTS 02 INTRODUCTION REQUIREMENTS BY TIER 03 03 Management Assessment 04 05 03 Independent Auditors FILING DEADLINES
More informationThe Ins and Outs: Audits Under FDICIA. Jennifer Gureckis and Kaylyn Landry BerryDunn February 27, 2018
The Ins and Outs: Audits Under FDICIA Jennifer Gureckis and Kaylyn Landry BerryDunn February 27, 2018 Presenters Jennifer Gureckis, CPA Kaylyn Landry, CPA Objectives Overview of Internal Controls over
More informationInternal Control Integrated Framework. An IAASB Overview September 2016
Internal Control Integrated Framework An IAASB Overview September 2016 0 Table of Contents COSO & Project Overview Internal Control-Integrated Framework Illustrative Documents Illustrative Tools for Assessing
More informationInternal Control Integrated Framework. An IAASB Overview September 2016
Internal Control Integrated Framework An IAASB Overview September 2016 0 Table of Contents COSO & Project Overview Internal Control-Integrated Framework Illustrative Documents Illustrative Tools for Assessing
More informationB S R & Co. LLP. Reporting on Internal. Reporting An Overview. Sarbanes Oxley Act (SOX) 28 December 2013
B S R & Co. LLP Reporting on Internal Controls over Financial Reporting An Overview Sarbanes Oxley Act (SOX) 28 December 2013 Agenda Sarbanes Oxley Key Sections COSO Framework Management Approach to ICOFR
More information2013 COSO Internal Control Framework Update. September 5, 2013
2013 COSO Internal Control Framework Update September 5, 2013 Agenda 2013 COSO IC Framework Topic Minutes The update process 5 What is not changing / What is changing 5 The 17 principles and changes to
More informationCOSO What s New, What s Changed, Why Does it Matter and Other Frequently Asked Questions
COSO 2013 What s New, What s Changed, Why Does it Matter and Other Frequently Asked Questions Today s Presenter Jonathan Reiss is a Director in Protiviti s New York office in the Internal Audit Practice.
More informationBUSINESS CPA EXAM REVIEW V 3.0. For Exams Scheduled After March 31, 2017
For Exams Scheduled After March 31, 2017 CPA EXAM REVIEW BUSINESS UPDATES AND ACADEMIC HELP Click on Community and Support at www.becker.com/cpa CUSTOMER SERVICE AND TECHNICAL SUPPORT Call 1-877-CPA-EXAM
More informationInternal Control Integrated Framework. May 2013
Internal Control Integrated Framework May 2013 0 Table of Contents COSO & Project Overview Internal Control-Integrated Framework Illustrative Documents Illustrative Tools for Assessing Effectiveness of
More informationNonprofit Association of the Midlands. August 26, 2014
Nonprofit Association of the Midlands August 26, 2014 Nonprofit Financial Management General Practices Capable bookkeeper Accrual accounting GAAP Monthly financial statements Sarbanes Oxley: Financial
More informationAn Update of COSO s Internal Control Integrated Framework. December 2011
An Update of COSO s Internal Control Integrated Framework December 2011 1 Internal Control-Integrated Framework First published in 1992 Gained wide acceptance following financial control failures of early
More informationInternal Financial Controls New perspectives as per Companies Act 2013 and CARO 2016
New perspectives as per Companies Act 2013 and CARO 2016 1 Contents: Background Meaning of IFC IFC on Financial Reporting Why IFC? Regulatory mandate Role of various authorities Components of IFC IFC under
More information38 Years of Excellent Client Service New COSO Model and How Internal Controls Help to Reduce Opportunity for Fraud
38 Years of Excellent Client Service New COSO Model and How Internal Controls Help to Reduce Opportunity for Fraud Presented By William Blend, CPA, CFE Session Overview Review the new COSO model on internal
More informationSOX and PCAOB. Introduction. SOX Act. In what year did the Sarbanes Oxley Act pass into law?
Introduction SOX and PCAOB Auditing Publicly Traded Companies Enron and other corporate scandals resulted in the demise of Andersen and passage of the Sarbanes-Oxley Act The Act establishes the Public
More informationTable of Contents. Preface xi. Acknowledgments xv. Chapter 1: What We All Share 1. Need for Control Criteria 1
Table of Contents Preface xi Acknowledgments xv Chapter 1: What We All Share 1 Need for Control Criteria 1 Overview of the COSO Internal Control Integrated Framework 2 Holistic, Integrated View 3 Revised
More informationDiving into the 2013 COSO Framework. Presented by: Ronald A. Conrad
Diving into the 2013 COSO Framework Presented by: Ronald A. Conrad 2 Objectives Obtain an understanding of why the COSO Framework has been updated Understand how the framework has changed Identify the
More informationIn 1992, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued a
Checkpoint Contents Accounting, Audit & Corporate Finance Library Editorial Materials Audit and Attest Internal Control Communications Chapter 1 INTRODUCTION AND OVERVIEW 100 Background 100 Background
More informationAuditing and Attestation (AUD) - Content Outline Effective January 2014
Auditing and Attestation (AUD) - Content Outline Effective January 2014 The Auditing and Attestation section tests knowledge and understanding of the following professional standards: Auditing standards
More informationChapter 1. Learning Objective 1, 2. Capital Allocation. Efficient Capital Allocation. Financial Accounting and Accounting Standards
Chapter 1 Financial Accounting and Accounting Standards Learning Objective 1, 2 Identify the major financial statements and other means of financial reporting Explain how accounting assists in the efficient
More informationSingle Audit Update: Internal Control over Compliance and the GAO s Green Book. MSBO s 80 th Annual Conference April 19, 2018
Single Audit Update: Internal Control over Compliance and the GAO s Green Book MSBO s 80 th Annual Conference April 19, 2018 Presented by: Stephen W. Blann, CPA, CGFM, CGMA Director of Governmental Audit
More informationAirports Council International-North America 2006 Economic Specialty Conference June 5, 2006
How Airports are Responding to the Sarbanes-Oxley Act (SOX) Airports Council International-North America 2006 Economic Specialty Conference June 5, 2006 Gail Flister Vallieres U.S. Government Accountability
More informationCLIENT ALERT: INTERNAL CONTROL OVER FINANCIAL REPORTING
CLIENT ALERT: INTERNAL CONTROL OVER FINANCIAL REPORTING All public companies either have begun or will soon begin a process, required under Section 404 of the Sarbanes-Oxley Act of 2002 ( SOX ), of reviewing
More informationIncreasing External Auditor Reliance
Increasing External Auditor Reliance Guiding Internal Auditors to realize the benefits of raising the bar on External Auditor Reliance. SOX Software Made Simple Table of Contents 1 Introduction 3 Factors
More informationThe New COSO Framework: Avoiding Deficiencies and Driving Change
The New COSO Framework: Avoiding Deficiencies and Driving Change Session #308 Speaker Introductions Kimberley Mobley, CPA, CISA Ryan Isbell, CPA Greg Daniel, CISA, CRMA Partner Controller Manager Johnson
More informationPART 6 - INTERNAL CONTROL
PART 6 - INTERNAL CONTROL INTRODUCTION The A-102 Common Rule and OMB Circular A-110 (2 CFR part 215) require that non-federal entities receiving Federal awards (i.e., auditee management) establish and
More informationEnterprise Risk Management Integrated with Strategy & Performance
Implementing the updated COSO ERM framework Enterprise Risk Management Integrated with Strategy & Performance Frank Balabyeki February 2, 2018 What is the Updated COSO ERM Framework? Key Changes to the
More informationChapter 18. Integrated Audits of Public Companies. McGraw-Hill/Irwin. Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Chapter 18 Integrated Audits of Public Companies McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Nature of an Integrated Audit Auditors of public companies should
More information2013 New COSO 2013 Framework and Current Trends in Risk Management
2013 New COSO 2013 Framework and Current Trends in Risk Management Session 105 IASA 86 TH ANNUAL EDUCATIONAL CONFERENCE & BUSINESS SHOW Agenda COSO 2013 framework Overview Why the update? What has been
More informationSOX perspective of internal control & COSO, COBIT Control frameworks.
SOX perspective of internal control & COSO, COBIT Control frameworks. Applies to: Business Experts. Summary An effective internal control is foundation of safe and sound organizational financial policy
More information29 th Regional Conference of WIRC
29 th Regional Conference of WIRC Internal Financial Control - Auditors responsibility The Lalit International, Mumbai 6 December 2014 Contents 1 Provisions of Companies Act, 2013 2 Auditors responsibility
More informationWhat s happening at COSO & The importance of Tone at the Top
What s happening at COSO & The importance of Tone at the Top Doug Prawitt, PhD, CPA McAllister/Deloitte Distinguished Professor of Accountancy Brigham Young University COSO Board Member 0 History is Important
More informationSAMPLE BEC SuperfastCPA Review Notes
BEC 2018 SuperfastCPA Review Notes Table of Contents Corporate Governance 1 Internal Control Frameworks 1 Enterprise Risk Management Frameworks 6 Other Regulatory Frameworks and Provisions 10 Economic
More informationThe Updated COSO Internal Control Framework
The Updated COSO Internal Control Framework Frequently Asked Questions Second Edition Introduction The Committee of Sponsoring Organizations of the Treadway Commission (COSO) an organization providing
More informationINTERNAL AUDIT AND CORPORATE GOVERNANCE EFFECTIVENESS IN THE NIGERIAN OIL AND GAS SECTOR: EVIDENCE FROM SELECTED OIL AND GAS COMPANIES IN RIVERS STATE
INTERNAL AUDIT AND CORPORATE GOVERNANCE EFFECTIVENESS IN THE NIGERIAN OIL AND GAS SECTOR: EVIDENCE FROM SELECTED OIL AND GAS COMPANIES IN RIVERS STATE EKE, GIFT O. ABSTRACT The major objective of this
More information9. Internal control Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in
9. Internal control Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable
More informationRisk management. Risk management system
Report on the main characteristics of the internal control and risk management system with respect to the accounting process according to Sec. 289 para. 4 of the German Commercial Code As an enterprise
More informationTerm Project. Sarbanes-Oxley Act (SOX) Hiroshi Tachibana (MBA 2 nd )
Term Project Sarbanes-Oxley Act (SOX) Hiroshi Tachibana (MBA 2 nd ) Sarbanes-Oxley Act (SOX) was established in 2002 in order not to repeat company and accounting scandals which occurred from later 1990
More information20 Years in the Making. Meet the New ICIF: Revisions to COSO s Internal Control Integrated Framework. Dr. Sandra Richtermeyer COSO Board Member
Meet the New ICIF: Revisions to COSO s Internal Control Integrated Framework Dr. Sandra Richtermeyer COSO Board Member Associate Dean and Professor of Accountancy Xavier University Cincinnati Ohio USA
More informationCOSO Framework Update Webcast. May 23, 2013
COSO Framework Update Webcast May 23, 2013 Today s presenters Rob Kastenschmidt National Leader - Risk Advisory Services Sara Lord Partner - National Professional Standards Group Agenda Topic Minutes The
More informationCorporate Governance An Overview. 30 November 2010 Oliver Loch
Corporate Governance An Overview Agenda 1 Definition 2 Public focus in the past years 3 Aim of corporate governance rules 4 Development of Corporate Governance rules Agenda 1 Definition 2 Public focus
More informationInternal Financial Controls (IFC) ICAI Seminar October 8, 2016
Internal Financial Controls (IFC) 1 ICAI Seminar October 8, 2016 Financial Reporting Assertions 3 Effective Internal Controls over Financial Reporting All Significant Accounts considered Minor or few internal
More informationJohn F. Buyce, CPA, CIA, CFE, CGFM Audit Director NYS OSC - State Government Accountability
John F. Buyce, CPA, CIA, CFE, CGFM Audit Director NYS OSC - State Government Accountability The Comptroller s Responsibilities Under the Internal Control Act Objective is to help public sector managers
More informationCOSO Updates and Expectations. IIA San Diego Chapter January 8, 2014
COSO Updates and Expectations IIA San Diego Chapter January 8, 2014 Agenda Overview of 2013 Internal Control-Integrated Framework and Companion Guidance 2013 Framework General Enhancements by Component
More informationFINANCIAL INSTITUTIONS AUDIT COMMITTEE GUIDE FOR FINANCIAL INSTITUTIONS
FINANCIAL INSTITUTIONS AUDIT COMMITTEE GUIDE FOR FINANCIAL INSTITUTIONS Dear clients and friends of the firm, Corporate governance is a significant area of focus for stakeholders of financial institutions.
More informationIPO Readiness. Sarbanes-Oxley Compliance & Other Considerations. Presented by:
IPO Readiness Sarbanes-Oxley Compliance & Other Considerations Presented by: IPO Readiness Enhanced Financial / Legal compliance SEC / Stock Exchange Compliance Entity Structure / Registration Filing Requirements
More informationComparison of the PCAOB s Auditing Standards No. 5 and No. 2 (Certain key differences are highlighted by underlining)
Comparison of the PCAOB s Auditing Standards No. 5 and No. 2 (Certain key differences are highlighted by underlining) Topic AS No. 5 AS No. 2 Objective of ICFR Audit Planning the ICFR Audit Integration
More informationAudit Training-of-Trainers Workshop, November 2014, Vienna Components of internal control within organization
Audit Training-of-Trainers Workshop, 18-19 November 2014, Vienna Components of internal control within organization Andrei Busuioc, Senior Financial Management Specialist, CFRR Session objectives The session
More informationEvaluating Internal Controls
A SSURANCE AND A DVISORY BUSINESS S ERVICES Fourth in the Series!@# Evaluating Internal Controls Evaluating Overall Effectiveness, Identifying Matters for Improvement, and Ongoing Assessment of Controls
More informationWashington Metropolitan Area Transit Authority Board Action/Information Summary
Washington Metropolitan Area Transit Authority Board Action/Information Summary Action Information MEAD Number: 201804 Resolution: Yes No TITLE: Board Audit Awareness Training PRESENTATION SUMMARY: The
More informationInternal Financial Control (IFC)& Internal Financial Controls over Financial Reporting (IFCoFR)
Internal Financial Control (IFC)& Internal Financial Controls over Financial Reporting (IFCoFR) Origin of IFC The first significant focus on internal control certification related to financial reporting
More informationBusiness development companies
Business development companies Considerations related to internal controls over financial reporting (ICFR) By Matt Forstenhausler and Seren Tahiroglu Financial Services B usiness development companies
More informationAn Audit of Internal Control Over Financial Reporting Performed in Conjunction with An Audit of Financial Statements
Page A 1 Standard Appendix Auditing Standard No. 2 AUDITING AND RELATED PROFESSIONAL PRACTICE STANDARDS Auditing Standard No. 2 An Audit of Internal Control Over Financial Reporting Performed in Conjunction
More informationEY Center for Board Matters. Leading practices for audit committees
EY Center for Board Matters for audit committees As an audit committee member, your role is increasingly complex and demanding. Regulators, standard-setters and investors are pressing for more transparency
More informationAn Audit of Internal Control Over Financial Reporting Performed in Conjunction with An Audit of Financial Statements
AUDITING STANDARD No. 2 An Audit of Internal Control Over Financial Reporting Performed in Conjunction with An Audit of Financial Statements March 9, 2004 AUDITING AND RELATED PROFESSIONAL PRACTICE STANDARDS
More informationBusiness Benefits by Aligning IT best practices
Business Benefits by Aligning IT best practices Executive Summary Since the Sarbanes-Oxley Act (Sarbanes-Oxley or SOX) was signed into law in 2002, many companies have adopted some IT practices to comply
More informationStandards for Internal Control in New York State Government 2016 Update
Standards for Internal Control in New York State Government 2016 Update Presented to the New York State Internal Control Association John F. Buyce Audit Director April 28, 2016 1 Last Revised in 2007 A
More informationSingle Audit and Yellow Book / Govt. Audit Standards Update Presented by: William Blend, CPA, CFE
Single Audit and Yellow Book / Govt. Audit Standards Update Presented by: William Blend, CPA, CFE Topics Overview of New Single Audit Uniform Guidance Yellow Book Update and New Green Book OMB - 2CFR CHAPTER
More informationCOMPLIANCE AT LARGER INSTITUTIONS. November 11 13, Robert F. Roach Chief Compliance Officer New York University
COMPLIANCE AT LARGER INSTITUTIONS November 11 13, 2009 Robert F. Roach Chief Compliance Officer New York University I. Introduction - What is Compliance? We re Watching You! In a University setting, the
More informationTypes of Systems Audit & Relevance. Presented By: Prasad Pendse, CISA
Types of Systems Audit & Relevance Presented By: Prasad Pendse, CISA Agenda Systems Audit Categories & Types of Systems Audit, Relevance IT & Application Audits Security Audits Process Audits Advantages
More informationAssessment of the Design Effectiveness of Entity Level Controls. Office of the Chief Audit Executive
Assessment of the Design Effectiveness of Entity Level Controls Office of the Chief Audit Executive February 2017 Cette publication est également disponible en français. This publication is available in
More information[RELEASE NOS ; ; FR-77; File No. S ]
SECURITIES AND EXCHANGE COMMISSION 17 CFR PART 241 [RELEASE NOS. 33-8810; 34-55929; FR-77; File No. S7-24-06] Commission Guidance Regarding Management s Report on Internal Control Over Financial Reporting
More informationAuditing & Assurance Services, 7e (Louwers) Chapter 2 Professional Standards
Auditing & Assurance Services, 7e (Louwers) Chapter 2 Professional Standards 1) Control risk is A) the probability that a material misstatement could not be prevented or detected by the entity's internal
More informationChapter 02. Professional Standards. Multiple Choice Questions. 1. Control risk is
Chapter 02 Professional Standards Multiple Choice Questions 1. Control risk is A. the probability that a material misstatement could not be prevented or detected by the entity's internal control policies
More informationGovernment Auditing Standards
United States Government Accountability Office GAO By the Comptroller General of the United States August 2011 Government Auditing Standards 2011 Internet Version CONTENTS CHAPTER 1... 1 GOVERNMENT AUDITING:
More informationCompliance Risk Management
Compliance Risk Management Seventh Annual University Compliance Conference Society for Corporate Compliance and Ethics May 30, 2009 Robert F. Roach, NYU University Ethics and Compliance Officer Robert.Roach@nyu.edu
More informationAfter completing this Session, you should be able to answer the following questions:
About this Course Welcome to CMA Auditing Course, Part II. Below, you will find a short summary of the modules. Upon registration, further introductory resources will tell you: How the course is organized
More informationChapter 2. The CPA Profession
Chapter 2 The CPA Profession Review Questions 2-1 The four major services that CPAs provide are: 1. Audit and assurance services Assurance services are independent professional services that improve the
More informationSEC Votes to Propose Interpretive Guidance for Management to Improve Sarbanes-Oxley 404 Implementation
Home Previous Page SEC Votes to Propose Interpretive Guidance for Management to Improve Sarbanes-Oxley 404 Implementation FOR IMMEDIATE RELEASE 2006-206 Washington, D.C., Dec. 13, 2006 - The Securities
More informationAN AUDIT OF INTERNAL CONTROL THAT IS INTEGRATED WITH AN AUDIT OF FINANCIAL STATEMENTS: GUIDANCE FOR AUDITORS OF SMALLER PUBLIC COMPANIES
1666 K Street, NW Washington, D.C. 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8430 www.pcaobus.org PRELIMINARY STAFF VIEWS AN AUDIT OF INTERNAL CONTROL THAT IS INTEGRATED WITH AN AUDIT OF FINANCIAL
More informationFinancial Internal Controls Initiative. Martha Kerner Assistant Vice Chancellor for Business Services
Financial Internal Controls Initiative Martha Kerner Assistant Vice Chancellor for Business Services April 27, 2015 Presentation Objectives: I. Understand the framework on which the Financial Internal
More informationCheckpoint Contents Accounting, Audit & Corporate Finance Library Editorial Materials Audit and Attest PCAOB Audits Chapter 1 Overview 100 Background
Checkpoint Contents Accounting, Audit & Corporate Finance Library Editorial Materials Audit and Attest PCAOB Audits Chapter 1 Overview 100 Background 100 Background 100.1 For many years, auditors had traditionally
More informationAGA Gulf Region PDT COSO and the Green Book: An Enhanced Internal Control Framework
AGA Gulf Region PDT COSO and the Green Book: An Enhanced Internal Control Framework Isabelle Dikland, Director, MorganFranklin Consulting Timothy Grace, Director, MorganFranklin Consulting May 6, 2015
More informationInternal Controls Optimization
Internal Controls Optimization PricewaterhouseCoopers LLP Controls optimization Background on Internal Controls Background on Internal Controls Business advances that have offered growth and opportunity
More informationCHAPTER 2 THE FINANCIAL STATEMENT AUDITING ENVIRONMENT
Solutions Manual Auditing and Assurance Services : A Systematic Approach 9th Edition Solutions Manual Messier, Glover, Prawitt Complete download: https://testbankarea.com/download/auditing-assurance-services-asystematic-approach-9th-edition-solutions-manual-messier-gloverprawitt/
More informationThe Bulletin. The Updated COSO Internal Control Framework: Frequently Asked Questions. Volume 5, Issue 3. What Hasn t Changed? So Why Change?
The Bulletin Volume 5, Issue 3 The Updated COSO Internal Control Framework: Frequently Asked Questions The Committee of Sponsoring Organizations of the Treadway Commission (COSO) an organization providing
More informationCOSO Internal Control Integrated Framework update. INTOSAI Subcommittee on Internal Control Standards
COSO Internal Control Integrated Framework update INTOSAI Subcommittee on Internal Control Standards Cees Klumper RA MBA CIA Member of the COSO Advisory Council Chief Risk Officer of the Global Fund to
More informationFREQUENTLY ASKED QUESTIONS ABOUT INTERNAL CONTROL OVER FINANCIAL REPORTING
FREQUENTLY ASKED QUESTIONS ABOUT INTERNAL CONTROL OVER FINANCIAL REPORTING Nature and Timing of the Reporting Requirement When must registrants begin to report on internal control over financial reporting?
More informationSP v1 INTERNAL CONTROL POLICY
INTERNAL CONTROL POLICY 1 TABLE OF CONTENTS 1. Objective... 3 2. Responsibility... 3 3. Reference... 3 4. Definitions... 3 5. Roles and Responsibilities... 4 6. Internal Controls Documentation...5 7. Self-Assessment
More information2013 INSPECTION OF ENTERPRISE CPAS, LTD.
2013 INSPECTION OF ENTERPRISE CPAS, LTD. In 2013, the Public Company Accounting Oversight Board ("PCAOB" or "the Board") conducted an inspection of the registered public accounting firm Enterprise CPAs,
More informationGovernment Auditing Standards. Course #5145I/QAS5145I Course Material
Government Auditing Standards Course #5145I/QAS5145I Course Material Government Auditing Standards (Course #5145I/QAS5145I) Table of Contents Introduction Page Chapter 1: Use and Application of GAGAS I.
More information1/12/2016. Standards for Internal Control in the Federal Government. Standards for Internal Control in the Government
Standards for Internal Control in the Federal Government Internal Control through the Years Standards for Internal Control in the Government GAO s Revised Green Book 1 2 Why the Green Book? What s in the
More informationInternal Control Questionnaire and Assessment
Bureau of Financial Monitoring and Accountability Florida Department of Economic Opportunity September 15, 2016 107 East Madison Street Caldwell Building Tallahassee, Florida 32399 www.floridajobs.org
More informationIn Control: Getting Familiar with the New COSO Guidelines. CSMFO Monterey, California February 18, 2015
In Control: Getting Familiar with the New COSO Guidelines CSMFO Monterey, California February 18, 2015 1 Background on COSO Part 1 2 Development of a comprehensive framework of internal control Internal
More informationNovember 21, Office of the Secretary Public Company Accounting Oversight Board 1666 K Street, N.W. Washington, D.C.
Deloitte & Touche LLP 10 Westport Road PO Box 820 Wilton, CT 06897-0820 Tel: 203-761-3000 Fax: 203-834-2200 November 21, 2003 Office of the Secretary Public Company Accounting Oversight Board 1666 K Street,
More informationTHE CITADEL The Military College of South Carolina 171 Moultrie Street Charleston, SC MEMORANDUM 27 July 2009 NUMBER 2-5
THE CITADEL The Military College of South Carolina 171 Moultrie Street Charleston, SC 29409 MEMORANDUM 27 July 2009 NUMBER 2-5 INTERNAL AUDITOR CHARTER 1. PURPOSE The purpose of this Memorandum is to establish
More informationSpeech by SEC Staff: Remarks before the 2007 AICPA National Conference on Current SEC and PCAOB Developments
Home Previous Page Speech by SEC Staff: Remarks before the 2007 AICPA National Conference on Current SEC and PCAOB Developments by Josh Jones Professional Accounting Fellow, Office of the Chief Accountant
More informationSession 7: Corporate Governance
Session 7: Corporate Governance New York Bankers Association-Community Bank Auditors Group 2016 Internal Audit Training-June 6-8, 2016 MEMBER OF ALLINIAL GLOBAL, AN ASSOCIATION OF LEGALLY INDEPENDENT FIRMS
More informationInternal Control Questionnaire and Assessment
Bureau of Financial Monitoring and Accountability Florida Department of Economic Opportunity September 30, 2017 107 East Madison Street Caldwell Building Tallahassee, Florida 32399 www.floridajobs.org
More informationAn anti-fraud strategy An effective anti-fraud strategy in fact has four main components: prevention detection deterrence response.
Minimising the risk of fraud (e.g. fraud policy statements, effective recruitment policies and good internal controls, such as approval procedures and separation of functions, especially over procurement
More informationA Discussion About Internal Controls February 2016
A Discussion About Internal Controls February 2016 What we will cover today 001 Introductions 002 Defining Internal Controls 003 COSO Internal Controls Integrated Framework 004 Approach to Designing Internal
More informationInternal Control Program
DFA Conversations Office of the University Controller Internal Control Program November 20, 2017 Introduction Bill Sibert, University Controller Erica Jessup, Senior Financial Analyst Phil Turke, Payroll
More informationThe Blue Sage Group. Sarbanes-Oxley. 404 Compliance Program. The Blue Sage Group
The Blue Sage Group Sarbanes-Oxley 404 Compliance Program The Blue Sage Group Agenda The Blue Sage Group 404 Compliance Challenges Meeting the 404 Challenges TBSG 404 Compliance Program Assessment and
More informationHeads Up. Control Integrated Framework. COSO Enhances Its Internal. In This Issue: Enhancements in the 2013 Framework
June 10, 2013 Volume 20, Issue 17 Heads Up In This Issue: Enhancements in the 2013 Framework Effective Systems of Internal Control COSO Transition Guidance and Impact on Other COSO Documents Internal Control
More informationDon t Leave Home Without Your SOX!
Don t Leave Home Without Your SOX! Using Function Points to identify and document your company s application controls for the Sarbanes-Oxley Act of 2002, Section 404 Presented by Tammy Preuss CFPS, PMP,
More informationWhat s New in Government Internal Control Standards? Going Green
What s New in Government Internal Control Standards? Going Green Page 1 Session Objective To discuss GAO s revision to the Standards for Internal Control in the Federal Government (Green Book) Page 2 What
More informationLIST OF SUBSTANTIVE CHANGES AND ADDITIONS. PPC's Guide to Audits of Nonprofit Organizations
Route To: Partners Managers Staff File LIST OF SUBSTANTIVE CHANGES AND ADDITIONS PPC's Guide to Audits of Nonprofit Organizations Twenty eighth Edition (February 2015) Highlights of this Edition The following
More informationAn Overview of the 2013 COSO Framework. August 2013
An Overview of the 2013 COSO Framework August 2013 Introduction Dean Geesler, KPMG Senior Manager Course Objectives Summarize the key changes from the 1992 Framework to the 2013 Framework including the
More information