Sarbanes-Oxley (SOX): Top Down Risk Assessment Part 1
3.8 (9 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
43 students enrolled

Sarbanes-Oxley (SOX): Top Down Risk Assessment Part 1

This course covers critical concepts of AS5 risk factors when identifying significant accounts and more.
3.8 (9 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
43 students enrolled
Last updated 9/2017
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Current price: $69.99 Original price: $99.99 Discount: 30% off
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This course includes
  • 1.5 hours on-demand video
  • 2 articles
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Explore a top down accounting Risk Assessment (RA).
  • Explore the importance of entity level controls.
  • Identify types of entity controls.
  • Explore linking controls to financial statement assertions.
  • Explore Committee of Sponsoring Organizations (COSO) principles to evaluate for the existence of required controls.
Requirements
  • No advanced preparation or prerequisites are needed for this course.
Description

In the early years of Sarbanes-Oxley (SOX), organizations went to significant detail documenting and testing financial processes. The Public Company Accounting Oversight Board (PCAOB) stressed in Auditing Standard 5 (AS5) the need to focus testing on those accounts that could materially impact the financial statements. AS5 prescribes that the auditor should use a top-down approach to the audit of Internal Control Over Financial Reporting (ICFR).

Although AS5 provides guidance on performing a top-down Risk Assessment (RA), many organizations still struggle with the concept. This course will focus on the requirement for a top-down RA and processes your organization can utilize to effectively apply the approach.  We will cover critical concepts of AS5 risk factors when identifying significant accounts as well as the importance of evaluating entity level controls.

If you would like Continuing Education Credit (e.g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: Sarbanes-Oxley (SOX): Preparing for a Top Down Risk Assessment Part 1. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an ‘approved-by-the-governing-body’ CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more.

Who this course is for:
  • Anyone interested in Accounting, Finance, Risk Management, Internal Audit, or related fields.
Course content
Expand all 11 lectures 01:23:58
+ Introduction
9 lectures 01:23:53
Types of Entity Controls
14:33
Assertions
06:22
Significant Accounts
09:48
Information Technology
03:08
COSO Principles
11:32
Scoring and Rating
15:23
Course Summary
03:42
+ Supporting Materials
2 lectures 00:04
Slides: Preparing for a Top Down Risk Assessment Part 1
00:02
Preparing for a Top Down Risk Assessment Part 1Glossary/Index
00:02
+ Review and Test
0 lectures 00:00

Review Questions: Sarbanes-Oxley (SOX): Preparing for a Top Down Risk Assessment Part 1

Review Questions
6 questions

FINAL EXAM: Sarbanes-Oxley (SOX): Preparing for a Top Down Risk Assessment Part 1

FINAL EXAM
10 questions