Sarbanes-Oxley (SOX): Executing a Top Down Risk Assessment

Field: Auditing | Delivery Method: Self Study | CPE Hours: 1.5

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Concepts for an accounting top down risk assessment can be well defined, but execution of a true top-down risk accounting risk assessment is still a challenge. The requirement of AS5 to consider multiple risk factors complicates the process. Organizations will often struggle with the best method to properly evaluate their accounts to determine those which present the potential for a material misstatement.


This session will focus on the methodology steps reviewed in Segment One of developing a to-down risk assessment. We will delve further into understanding how to examine entity-level controls and their importance on determine account significance. We will review the steps outlined in Segment One and apply those steps towards two separate scenarios. This will allow the participant to think through the process and application and to examine how a scoring methodology may be beneficial within their individual’s process.

Lesson Objectives:
  • Review of key steps
    • Assessing entity level controls
    • Determining significant accounts
    • Linking to assertions
    • Identifying related controls for significant accounts
    • Linking to COSO principles
  • Examples
    • ABC Construction
    • Acme Inc.

Field: Auditing
CPE: 1.5
Delivery Method: Self-Study
Format: Video




Your Instructor


Lynn Fountain
Lynn Fountain

Consultant, CPA, CGMA, CRMA, MBA, Past Chief Audit Executive

Business Consultant, Trainer, Author


Ms. Fountain has over 40 years of experience spanning public accounting, industry accounting and consulting. Sixteen years of that experience has been in the field of internal audit, risk managment and process improvement. She is well adept to assist your organization evaluate business strategy, perform risk assessments, establish a Sarbanes-Oxley process, synergizing internal audit processes or perform process improvement projects.


As a past corporate executive Lynn has a passion for working with professionals to enhance their processes and provide leading edge education. She has authored and delivered hundreds of training courses for accounting, finance and audit professionals. Her training is filled with not just theory but real world application.


Ms. Fountain has authored three technical publications:

-Leading the Internal Audit Function 

-Raise the Red Flag

-Ethics and the Internal Auditor's political dilemma


Lynn is a recognized leader in the internal audit profession as well as a recognized business professional.  


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


https://www.lynnfountain.net/


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