Why study:
The bankruptcy of ERON in 2001 & the accounting scandal damaged the investors’ confidence in the American financial marketing, Based on the situation、the SOX Act was published by highly vote agreed rate in order to restore the investors’ confidence , meanwhile the opposite opinion also appeared. The most disagreement is on the Auditing Standard related to the financial report. So the relevant standard has been updated. This courses is aimed to communicate and study on the SOX Act & the relevant auditing standards.
Course Benefit:
1、 study the SOX Acts thoroughly
2、 Study the Auditing Standard thoroughly
3、 Master the key part of the SOX Act
4、 Understand the key concepts in the auditing standard
5、 Master the practical cases in the Auditing.
Who attend:
Internal control Manager 、Risk Manager 、internal Auditing Manager、Financial Manager、and the accounting managers
Model 1 the history of USA Security law set up.
1、 Practices of 1911-1977
2、 The background of SOX
3、 The Crisis of USA capital marketing
Model 2 SOX Act
1、 Definition
2、 SEC Regulation &execution
Model 3 PCAOB
1、 set up: Administration Management Regulation
2、 Registration in PCAOB
3、 The quality control & independence principles and regulation in Auditing
4、 Checking on the registered accounting firms
5、 Investing and discipline punishment procedures
6、 Foreign accounting firms
7、 GAAP
8、 Fee.
Model 4 Independence of the auditors
1、 Exemption authority
2、 Registered public accounting firms Rotation by law
3、 Commission authority
4、 Consideration by appropriate State regulatory authorities
Model 5 Corporation Responsibility
1、 Corporation Responsibility
2、 Improper influence on conduct of audits
3、 Forfeiture of certain bonuses and profits
4、 Insider trades during pension fund blackout periods
5、 Rules of professional responsibility for attorneys
6、 Fair funds for investors.
Model 6 Enhanced financial disclosures
1、 Disclosure in periodic reports
2、 Management assessment of internal control
3、 Exemption
4、 Code of ethics for senior financial officers
5、 Disclosure of audit committee financial expert.
6、 Enhanced review of periodic disclosures by issuers
Model 7 Significant parts of the Sox act &Concept
1、 SOX 302
2、 SOX 402
3、 SOX404
4、 PCAOB
5、 Key control
6、 Material weakness
Model 8 Implementation of SOX Act
1、 Set up the team
2、 Planning
3、 Economic Resources input
4、 Duties Segregation & Responsibilities
5、 Real cases.
Model 9 Auditing Standards
1、Planning the Audit
Role of Risk Assessment
Scaling the Audit
Addressing the Risk of Fraud
Using the works of others
Materiality
2. Top –Down approach
Identifying entity –level Control
Identifying Significant Accounts and Disclosures and disclosures
Understanding likely Sources of misstatement
Selecting Controls to Test
3. Testing Controls
Testing Design effectiveness
Testing Operating Effectiveness
Relationship of Risk to the Evidence to be obtained
Special Considerations for subsequent Years’ audits
4. Evaluating Identified deficiencies
Indicators of Material Weakness
5. Wrapping-Up
Forming an Opinion
Obtaining Written Representation
Communication Certain Matters
6. Reporting on internal Control
Separate or combined Reports
Report Dates
Material Weakness
Subsequent Events
7. Others appendics
