American Management Association Seminars

AMA’s One-Day Sarbanes-Oxley Workshop
Seminar No: 01801-XNBB
CEU Credits: .7
Length: 1 day

The pressure is on for companies to meet internal controls assessment deadlines, report material changes at lightning speed and keep compliance spending from eating up the budget.

With the unforgiving oversight of the SEC and the PCAOB (Public Company Accounting Oversight Board), familiarity with SARBOX is critical! Here is an opportunity to immerse yourself in what Sarbanes-Oxley requires—and make sure that processes to meet these requirements are in place and working throughout your organization.

Remember, what you don’t know about SARBOX could seriously harm your company and result in severe penalties for top management and directors.

Who Should Attend

CEOs, CFOs and CIOs; board members; VPs/directors of finance; controllers and treasurers; accountants/CPAs; Sarbanes-Oxley consultants; IT, regulatory compliance and audit professionals.

How You Will Benefit

  • Know what you must do to design and test controls for Section 404 certification
  • Reduce the risk of improper certification of financial statements and internal controls
  • Know what to expect in both the financial statement and Section 404 audits
  • Protect your company by effectively managing the auditing process
  • Learn how to negotiate the audit price
  • Avoid penalties associated with non-compliance
What You Will Cover
  • The three SARBOX certifications: Section 302, Section 906, Section 404
  • Section 404 Internal Controls certification and the associated outside audit process
  • The audit committee’s responsibilities
  • Managing the auditor during audit planning, execution and conclusion
  • Protecting the audit committee from claims of failure
  • The new PCAOB and its relationship to the SEC
  • SARBOX auditor requirements and other mandates for public companies
Recommended CPE Credit: 7 hours/Advanced Understanding of corporate governance requirement recommended. Instructional Method—Group Live

Extended Seminar Description

Learning Objectives

  • Know What It Takes to Design and Test Controls for Section 404 Certification
  • Learn How the PCAOB’s Instructions to Auditors Have Changed What a Company Must Do to Earn a
  • Clean 404 Opinion
  • Reduce the Risk of Improper Certification of Financial Statements and Internal Controls
  • Know What to Expect in Both the Financial Statement and Section 404 Audits
  • Protect Your Company By Effectively Managing the Auditing Process
  • Learn How to Negotiate the Audit Price
  • Avoid Penalties Associated with Non-Compliance
  • Ensure That Your Audit Committee Has the Necessary Resources to Fulfill Its Mandate
The Sarbanes-Oxley Act of 2002
  • Corporate Governance
      –Certification Requirements: Financial Statement and Internal Control Certifications
      –Other Corporate Provisions: Prohibition of Loans to Officers and Directors
  • Audit Committee Responsibilities
  • Auditor’s Responsibilities
  • U.S. Government Supervision of Auditors
The Certification Requirements
  • The Meaning and Consequences of the Financial Statement Certifications
      – Section 302 Certifications
      – Section 906 Certifications
      – Section 404 Internal Control Certifications
  • The COSO Framework for Internal Controls Design
  • What’s Missing from COSO
  • Elements and Examples of Good Internal Control Design
  • How the Company Should Test Controls for Effectiveness
  • What Happens During the Outside Audit of the Controls
The Audit Committee Requirements
  • Duties of the Audit Committee
      –Ensure That Each Member Is Independent and at Least One Member Is a Financial Expert
      –Make Certain That Financial Reporting Takes Place
      –Select the Auditor and Determine His/Her Compensation, Approve any Sarbanes-Allowed Non-Audit Activities of Auditor, Supervise the Audit, Communicate with Auditor on Key Issues
  • The Audit Committee Proxy Statement Disclosures Required By Item 306 of SEC Regulation S-K
What Happens in an Audit
  • Requirements of the Statements on Auditing Standards and the PCAOB: What the Audit Committee
  • Must Know to Manage the Audit
  • The Financial Statement Audit: Auditor’s Steps in Audit Planning, What Should Happen During and at the Conclusion of the Audit
  • The Internal Controls Audit: Auditor’s Steps in Audit Planning, What Should Happen During and at the Conclusion of the Audit
Managing the Auditor
  • What to Demand During Audit Planning
  • What to Demand During Audit Execution
  • What to Demand During at the Conclusion of the Audit
  • Negotiating the Audit Price
Protecting the Audit Committee from Claims of Failure
  • Action and Documentation Requirements to Ensure That the Audit Committee Both Performs and
  • Documents Appropriate Actions Under Sarbanes-Oxley

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Seminars scheduled for the cities below are held at the locations listed below. For location information for other cities in which AMA seminars are held please call or email for information.

New York
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American Management Association (Located in the same building as the Crowne Plaza Hotel) 1601 Broadway On Broadway and 48th Street near Times Square. Entrance is on 48th Street.

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If you cannot attend a seminar you can contact AMA in advance to transfer to a future session, or you can send someone to take your place. If you need to cancel your attendance, AMA will give you a complete refund if you cancel more than three weeks before your seminar begins. To cancel, simply email us at . If you cancel with less than three weeks’ advance notice, you will be liable for the entire seminar fee. Once your payment has been received, you may request a courtesy transfer to use at any future AMA seminar of equal or lesser length. The courtesy transfer must be used within one year of the date of your originally scheduled seminar. In fairness to all attendees, if you do not attend a seminar session for which you are confirmed and do not contact AMA to cancel in advance, you will be charged the entire seminar fee.

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