Internal Control Systems
Overview:
COSO has developed a new guidance that would improve the quality of the internal control systems of organizations including those that are using the financial reporting system in compliance with Section 404 of the Sarbanes-Oxley Act of 2002. Released during the first quarter of 2008, the guidance will result in a more efficient financial and operational reporting system of affected companies. It is strongly advised that they be familiar with this new system since they are the first ones who will benefit from it.The Knowledge Congress is assembling a panel of distinguished experts from well-known accounting and auditing firms, key regulators, and industry leaders to provide the Finance & Internal Controls professionals with a first look at the substantial features of the new guidance. The panelists are scheduled to speak in a two-hour webinar.
Agenda:
SEGMENT 1:
<strong id="ep-name-of-speaker">Trent Gazzaway, Managing Partner of Corporate Governance,</strong>
<em id="ep-speaker-firm">Grant Thornton LLP </em>
- Overview of who is involved and how we developed the guidance
- Fundamental concepts contained in the guidance
- Effective monitoring requires a good foundation, which starts with the tone from the top of the
organization
- Effective and efficient monitoring relies on an accurate risk assessment that continually adjusts for
changes in the environment or controls
- Organizations should identify those controls that, when monitored, provide the best support (i.e., key
controls). This rarely includes every control.
- Some information is more persuasive than other information in supporting a conclusion about
control effectiveness. Chose the right information in the right circumstances.
- To the extent possible, build monitoring into everyday operations, rather than relying primarily on
year-end evaluations.
SEGMENT 2:
<strong id="ep-name-of-speaker">David Richards, President,</strong>
<em id="ep-speaker-firm">The Institute of Internal Auditors </em>
- The Internal Auditor’s role in the Monitoring of Internal Controls
- Identifying key controls requiring monitoring - how can the internal auditor help?
- Setting a baseline of internal control effectiveness - internal auditing as the objective assessor
- Separate evaluations as part of the internal auditor’s work plan - how does that work?
- Tracking corrective actions resulting from monitoring activities - impact on internal auditing’s
SEGMENT 3:
<strong id="ep-name-of-speaker">Patrick Taylor, CEO,</strong>
<em id="ep-speaker-firm">Oversight Systems, Inc. </em>
<** Speaker Talking Points to be added soon.. **
SEGMENT 4:
<strong id="ep-name-of-speaker">Deborah D. Lambert, CPA, CPCU, Managing Partner,</strong>
<em id="ep-speaker-firm">Johnson Lambert & Co. </em>
- The external auditor perspective on monitoring controls
- Monitoring controls - key to attaining audit efficiency
- PCAOB AS 5 - Top Down approach
- Monitoring Controls vs AS 5 - fundamental consistencies
» Top Down approach
- Risk prioritization
- Entity level controls
- Other key controls
- Persuasive information
» Recognition that risks change over time
Who Should Attend:
- Controllers
- CFOs/Senior Financial Executives
- Corporate Governance Executives
- SOX Executive or Program Manager
- General Counsel
- Consultants
Trent Gazzaway, CPA is an audit partner and the partner-in-charge of corporate governance for Grant Thornton LLP. Trent’s experience includes …
Dave is the President of The Institute of Internal Auditors (IIA) which is a global association of over 155,000 internal …
Patrick Taylor is an industry leader in the convergence of controls monitoring, information security and the implementation of technology to …
Debbie Lambert is a co-founder of Johnson Lambert & Co. and is located in our Raleigh, North Carolina office. As …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
83751
Total Credits:
2.0 CLE
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SPEAKERS' FIRMS:
About Grant Thornton LLP
Website: https://www.grantthornton.com/
About The Institute of Internal Auditors
Website: https://www.theiia.org/
About Oversight Systems, Inc.
Website: https://www.oversightsystems.com/
About Johnson Lambert & Co.
Website: https://www.jlco.com/