Sarbanes Oxley Internal Controls Masterclass: A Step-by-Step Guide to Self-Assessment and Compliance
Course Overview This comprehensive course is designed to provide participants with a thorough understanding of the Sarbanes-Oxley Act (SOX) and its requirements for internal controls. Through interactive lessons, hands-on projects, and real-world applications, participants will gain the knowledge and skills necessary to implement and maintain effective internal controls in their organization.
Course Objectives - Understand the requirements of the Sarbanes-Oxley Act (SOX) and its impact on internal controls
- Identify and assess risks in the organization's internal control structure
- Design and implement effective internal controls to mitigate risks
- Conduct self-assessments and audits to ensure compliance with SOX requirements
- Develop and maintain documentation to support internal control compliance
Course Outline Module 1: Introduction to Sarbanes-Oxley and Internal Controls
- Overview of the Sarbanes-Oxley Act (SOX)
- History and background of SOX
- Key provisions of SOX
- Definition and importance of internal controls
- Types of internal controls (preventive, detective, corrective)
Module 2: Risk Assessment and Internal Control Framework
- Risk assessment and identification
- Risk analysis and prioritization
- Internal control framework (COSO)
- Components of internal control (control environment, risk assessment, control activities, information and communication, monitoring activities)
Module 3: Designing and Implementing Internal Controls
- Designing internal controls to mitigate risks
- Types of internal controls (manual, automated, IT-dependent)
- Control activities (authorization, approval, verification, reconciliation)
- Information and communication (financial reporting, disclosure controls)
Module 4: Self-Assessment and Audit
- Self-assessment and audit requirements
- Types of audits (internal, external)
- Audit procedures (risk assessment, audit planning, audit execution)
- Audit reporting and follow-up
Module 5: Documentation and Compliance
- Documentation requirements for internal control compliance
- Types of documentation (policies, procedures, flowcharts, narratives)
- Compliance with SOX requirements
- Disclosure controls and procedures
Module 6: IT Controls and Cybersecurity
- IT controls and cybersecurity risks
- Types of IT controls (general, application-level)
- IT control frameworks (COBIT, NIST)
- Cybersecurity best practices
Module 7: Financial Reporting and Disclosure Controls
- Financial reporting requirements
- Disclosure controls and procedures
- Financial statement assertions (existence, completeness, valuation, rights and obligations)
- Financial reporting risks and internal controls
Module 8: Internal Control Deficiencies and Remediation
- Identifying and reporting internal control deficiencies
- Types of internal control deficiencies (material weakness, significant deficiency)
- Remediation of internal control deficiencies
- Follow-up and verification of remediation efforts
Module 9: Case Studies and Group Discussions
- Real-world case studies of internal control implementation and compliance
- Group discussions and analysis of case studies
- Best practices and lessons learned
Module 10: Final Project and Certification
- Final project: implementation of internal controls in a sample company
- Project presentation and feedback
- Certification of completion issued by The Art of Service
Course Features - Interactive and engaging lessons
- Comprehensive and up-to-date content
- Personalized learning experience
- Expert instructors with real-world experience
- Certification of completion issued by The Art of Service
- Flexible learning schedule
- User-friendly and mobile-accessible platform
- Community-driven discussion forum
- Actionable insights and hands-on projects
- Bite-sized lessons and lifetime access
- Gamification and progress tracking
Certification Upon completion of the course, participants will receive a certification of completion issued by The Art of Service. This certification demonstrates the participant's knowledge and understanding of Sarbanes-Oxley internal controls and their ability to implement and maintain effective internal controls in their organization.,
- Understand the requirements of the Sarbanes-Oxley Act (SOX) and its impact on internal controls
- Identify and assess risks in the organization's internal control structure
- Design and implement effective internal controls to mitigate risks
- Conduct self-assessments and audits to ensure compliance with SOX requirements
- Develop and maintain documentation to support internal control compliance
Course Outline Module 1: Introduction to Sarbanes-Oxley and Internal Controls
- Overview of the Sarbanes-Oxley Act (SOX)
- History and background of SOX
- Key provisions of SOX
- Definition and importance of internal controls
- Types of internal controls (preventive, detective, corrective)
Module 2: Risk Assessment and Internal Control Framework
- Risk assessment and identification
- Risk analysis and prioritization
- Internal control framework (COSO)
- Components of internal control (control environment, risk assessment, control activities, information and communication, monitoring activities)
Module 3: Designing and Implementing Internal Controls
- Designing internal controls to mitigate risks
- Types of internal controls (manual, automated, IT-dependent)
- Control activities (authorization, approval, verification, reconciliation)
- Information and communication (financial reporting, disclosure controls)
Module 4: Self-Assessment and Audit
- Self-assessment and audit requirements
- Types of audits (internal, external)
- Audit procedures (risk assessment, audit planning, audit execution)
- Audit reporting and follow-up
Module 5: Documentation and Compliance
- Documentation requirements for internal control compliance
- Types of documentation (policies, procedures, flowcharts, narratives)
- Compliance with SOX requirements
- Disclosure controls and procedures
Module 6: IT Controls and Cybersecurity
- IT controls and cybersecurity risks
- Types of IT controls (general, application-level)
- IT control frameworks (COBIT, NIST)
- Cybersecurity best practices
Module 7: Financial Reporting and Disclosure Controls
- Financial reporting requirements
- Disclosure controls and procedures
- Financial statement assertions (existence, completeness, valuation, rights and obligations)
- Financial reporting risks and internal controls
Module 8: Internal Control Deficiencies and Remediation
- Identifying and reporting internal control deficiencies
- Types of internal control deficiencies (material weakness, significant deficiency)
- Remediation of internal control deficiencies
- Follow-up and verification of remediation efforts
Module 9: Case Studies and Group Discussions
- Real-world case studies of internal control implementation and compliance
- Group discussions and analysis of case studies
- Best practices and lessons learned
Module 10: Final Project and Certification
- Final project: implementation of internal controls in a sample company
- Project presentation and feedback
- Certification of completion issued by The Art of Service
Course Features - Interactive and engaging lessons
- Comprehensive and up-to-date content
- Personalized learning experience
- Expert instructors with real-world experience
- Certification of completion issued by The Art of Service
- Flexible learning schedule
- User-friendly and mobile-accessible platform
- Community-driven discussion forum
- Actionable insights and hands-on projects
- Bite-sized lessons and lifetime access
- Gamification and progress tracking
Certification Upon completion of the course, participants will receive a certification of completion issued by The Art of Service. This certification demonstrates the participant's knowledge and understanding of Sarbanes-Oxley internal controls and their ability to implement and maintain effective internal controls in their organization.,
- Interactive and engaging lessons
- Comprehensive and up-to-date content
- Personalized learning experience
- Expert instructors with real-world experience
- Certification of completion issued by The Art of Service
- Flexible learning schedule
- User-friendly and mobile-accessible platform
- Community-driven discussion forum
- Actionable insights and hands-on projects
- Bite-sized lessons and lifetime access
- Gamification and progress tracking