Understanding Sarbanes-Oxley (SOX) Section 404
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Understanding Sarbanes-Oxley (SOX) Section 404

This course provides an overview of SOX Section 404 and discusses how one can effectively implement a program.
0.0 (0 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
0 students enrolled
Last updated 8/2017
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  • 4 hours on-demand video
  • 2 Articles
  • 2 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Discover the requirements of Sarbanes-Oxley (SOX) Section 404
  • Recognize COSO and the Internal Control Framework
  • Identify SEC and PCAOB ongoing SOX 404 requirements
  • Identify documentation Requirements
  • Identify testing Requirements
  • Define significant Deficiency and Material Weakness
  • Recognize PCAOB 2012 Report on Public Companies ICFR
View Curriculum
  • Exposure to Sarbanes-Oxley (SOX) will be helpful.

The most contentious aspect of SOX is Section 404, which requires management and the external auditor to report on the adequacy of the company's internal controls over financial reporting (ICFR). This is the most costly aspect of the legislation for companies to implement, as documenting and testing important financial manual and automated controls requires enormous effort. This course provides an overview of SOX Section 404 and discusses how one can effectively implement a solid program to address the needs of Section 404. 

The Public Company Accounting Oversight Board (PCAOB) approved Auditing Standard No. 5 for public accounting firms on July 25, 2007. This standard superseded Auditing Standard No. 2, the initial guidance provided in 2004. The SEC also released its interpretive guidance on June 27, 2007. These two standards together require management to:

  • Understand the flow of transactions, including IT aspects, in sufficient detail to identify points at which a misstatement could arise;
  • Evaluate company-level (entity-level) controls, which correspond to the components of the COSO framework;
  • Perform a fraud risk assessment;
  • Evaluate controls designed to prevent or detect fraud, including management override of controls;
  • Evaluate controls over the period-end financial reporting process;
  • Scale the assessment based on the size and complexity of the company;
  • Rely on management's work based on factors such as competency, objectivity, and risk;
  • Conclude on the adequacy of internal control over financial reporting.

Sarbanes-Oxley was passed in 2002 and year one of attestation for publically traded companies was 2004.  SOX section 404 is the most prominent of the many requirements covered under the legislation. 

Taking this course will prepare you to successfully address the challenges of Section 404 at your company - a high profile and critical process!

Who is the target audience?
  • Anyone interested in Finance, accounting, or related fields.
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Curriculum For This Course
15 Lectures
13 Lectures 03:55:41

Internal Control Framework

COSO 17 Principles, SEC Ongoing Requirements, and Relevant Assertions

Accounting Risk Assessment

Risk Characteristics, Scoring Models, and Summary

SOX Documentation Requirements

Process Flows, Documentation Requirements, and Identifying Control Types

Documention: Non-Routine & Estimates, Process Documentation, Overview

Testing Requirements

Materiality Discussion

PCAOB December 2012 Report on ICFR and Summary 404

Sarbanes-Oxley Section 404 Continuous Play
Supporting Materials
2 Lectures 00:01
Slides: Sox 404

Sox 404 Glossary/Index
Review and Test
0 Lectures 00:00

Review Questions: Sarbanes-Oxley (SOX) Section 404

Review Questions
6 questions

FINAL EXAM: Sarbanes-Oxley (SOX) Section 404

10 questions
About the Instructor
Illumeo Learning
4.4 Average rating
311 Reviews
1,346 Students
234 Courses
Condensed and Efficient Courses for Busy Professionals

Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job.

Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination.

Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.

Lynn Fountain (Illumeo)
4.6 Average rating
14 Reviews
88 Students
29 Courses

Ms. Fountain has over 30 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She currently performs consulting for companies on internal audit, risk management, internal controls, financial reporting and accounting along with performing training. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks

Ms. Fountain has developed and delivered leading edge training sessions on COSO, Internal Audit, ERM, Accounting, Leadership, Governance, Compliance and Ethics. She has numerous recorded webinars on Illumeo dot com.

Ms. Fountain has authored a publication for the Institute of Internal Auditors Research Foundation (IIARF) titled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. The publication will be released April 20, 2015. In addition, she is authoring a publication for Auerbach on “The Realities of performing the Chief Audit Executive Role”. The publication will be released in the Fall 2015. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate.