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

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

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In the early years of SOX, organizations went to significant detail documenting and testing financial processes. The PCAOB stressed in AS5 the need to focus testing on those accounts that could materially impact the financial statements. AS 5 prescribes the auditor should use a top-down approach to the audit of ICFR.


Although AS5 provides guidance on performing a top-down RA, many organizations still struggle with the concept. This session 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.

Lesson Objectives:
  • Defining a top down accounting RA
  • Importance of entity level controls
  • Types of entity controls
  • Assertions and significant accounts
  • Linking controls to financial statement assertions
  • Examining COSO principles to evaluate for existence of required controls
  • Identifying controls

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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