course

SOX: Authoritative Bodies

296 Enrolled
1 Hour (On-Demand)
1.0 CPE  

This course is a premium+ course it can be accessed either by individual purchase or through a premium+ subscription

Purchase this course | $42

Prior to the Sarbanes-Oxley Act of 2002 (SOX), public accounting firms were unregulated. Their activities were monitored by the American Institute of Certified Public Accountants (AICPA). With the passing of the Act, Congress established the Public Company Accounting Oversight Board (PCAOB).  The Board is tasked with the oversight of the public accounting firms for issuer companies and ensuring that SOX legislation is appropriately applied.

Understanding the origin of legislation and authoritative bodies along with their powers is important to complying with the Act. Both the PCAOB and the Securities and Exchange Commission (SEC) are important organizations related to Sarbanes-Oxley and their history, powers of authority, and ability to assess sanctions and fines is something that organizations should be integrally familiar with.  This course provides a detailed outline of the roles and responsibilities of those organizations as well as related background information.  

Information within this course comes from readily available public domain documents and is utilized by the trainer as a supplement for relaying the course content.

Note: The concepts outlined in this course are up to date and relevant in regards to the Sarbanes-Oxley legislation. Although there have not been any changes in the legislative concepts of the law since it’s release in 2002, some aspects of executing the work have evolved. This speaker is preparing a series of courses titled “Sarbanes-Oxley 20 years later”. Those courses can be found individually on the platform and would be beneficial for anyone involved with compliance.

NOTE: The Instructor has created 5 new segments on Sarbanes-Oxley Update - 20 Years Later:
Sarbanes-Oxley Update - 20 Years Later: Accounting Risk Assessment Considerations
Sarbanes-Oxley Update - 20 Years Later: Sourcing Emerging Risks Part 1
Sarbanes-Oxley Update - 20 Years Later: Evaluating Testing Processes
Sarbanes-Oxley Update - 20 Years Later: Sourcing Emerging Risks Part 2
Sarbanes-Oxley Update - 20 Years Later: Examining Fraud Risks

Learning Objectives
  • Explore the Authoritative body background
  • Explore the Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) relationship
  • Explore PCAOB History
  • Recognize PCAOB responsibilities and authorities
  • Explore the timeline of PCAOB Actions
  • Recognize the penalties for SOX non-compliance
Last updated/reviewed: April 16, 2024

Included In Certifications

This course is included in the following Certification Programs:

16 CoursesSarbanes-Oxley (SOX) Certification

  1. Sarbanes Oxley Overview
  2. SOX: Authoritative Bodies
  3. Sarbanes-Oxley (SOX) Standards - Evolution
  4. Information Technology General Controls Primer
  5. COSO 2013 Overview
  6. Sarbanes-Oxley (SOX) Section 404
  7. Sarbanes-Oxley Section 302: ICFR
  8. Sarbanes-Oxley (SOX) And Fraud Sections
  9. Sarbanes-Oxley (SOX) - Top Down Risk Assessment Part 1
  10. Sarbanes-Oxley (SOX) - Top Down Risk Assessment Part 2
  11. Sarbanes-Oxley (SOX) - Entity Level Controls
  12. Sarbanes-Oxley (SOX) Identifying and Documenting Controls
  13. Sarbanes-Oxley (SOX) Testing
  14. Sarbanes-Oxley (SOX) - Assessing Data Impact
  15. XBRL - Connection to SOX 302/404 and Critical Roles
  16. Tools For Sarbanes-Oxley Compliance
65 Reviews (206 ratings)

Reviews

4
Anonymous Author
General overview; this section lacked practical application, but did reinforce that management needs to understand how the PCAOB affects public firms because PCAOB findings affect audit planning and rigor - things that have a direct impact on registrants.

4
Member's Profile
Great material but a lot to take in at once. It would be good to know which sections of the material attention should be given to as it relates to exam. Additionally, I would like to see real-life scenarios and examples during the presentation.

3
Member's Profile
The course was filled with a lot of useful information. It was easy to follow but there were some parts that I feel should have had more information. There was final exam questions that weren't fully touched upon in the material.

4
Anonymous Author
It was very well structured, well-paced and easy to follow training course. Structuring the course in segments as well as offering a continuous play option is perfect for any learning style. The examples given were good.

4
Anonymous Author
Another informative course on SOX authoritative bodies. The course was expertly narrated by Lynn and easy to follow along. A great refresher or opportunity gain further insight into understanding of SOX.

5
Member's Profile
Great overview and references. Understanding the history of the PCAOB and the evolution of the organization is extremely helpful in understanding more detailed areas of SOX (and your external auditors).

5
Member's Profile
Really good to understand the in depth of PCAOB mission and vision, including what are their outputs, like the standards, issuance, penalties and their reports.

4
Member's Profile
i like the additional sidenotes about the PCAOB websites, etal. for another viewpoint, incl articles on unconstitutionality brought about by a firm.

5
Anonymous Author
Good course to present the history of those entities that contributed to the creation of regulatory bodies to oversight internal control.

5
Member's Profile
This course provide a clear understanding of the role and responsibilities of the SEC and PCAOB Authorities as well as penalties risks.

5
Member's Profile
Very nice course and great learning experience. Provides more clarity on SOX authorities and more detailed learning guide on PCAOB.

4
Anonymous Author
The course was helpful. However, I was just confused with the Auditing Standards, since there was a change during the year 2017.

4
Member's Profile
Very well presentation explaining the history of the SEC & PCAOB, what each is responsible for, and the powers that they have.

5
Member's Profile
It was useful to hear the history of PCAOB audit results and deficiencies identified. Slides contained valuable information.

4
Anonymous Author
The course provides a lot of history and information on SEC and PCAOB. I personally believe the course can be more concise.

4
Anonymous Author
This course gave good understanding of the origin of the legislation and authoritative bodies related to Sarbanes-Oxley.

5
Member's Profile
Good history of who is behind the enforcement of audits as well as their findings overtime which continue to be a concern

5
Member's Profile
I liked the course because it introduces you to a short history of the regulations and how they developed over time.

3
Anonymous Author
Could someone add an update since 2015 - maybe 10 more minutes so we don't feel a decade out of date when it's over.

4
Member's Profile
Not all answers were in the slides. Some referred to additional webinars outside of the initial training content.

5
Anonymous Author
The overview of the authoritative bodies provided an excellent refresher of the formation and powers of the PCAOB.

4
Member's Profile
Good description of the PCAOB and the SEC. Alot of info, appreciate the slides that can be used for review.

5
Anonymous Author
This course provided a thorough background on the history of the PCAOB and it's relationship with the SEC.

5
Anonymous Author
Found it very interesting to learn the history of the PCAOB. Also to hear about some of the actions.

4
Member's Profile
Course is informative, looks out of date from a presentation perspective when compared to other LMS

5
Member's Profile
This course was excellent and provided very useful information which I will utilize in the future.

4
Anonymous Author
This was a good overview of SOX authoritative bodies. Course content were clear and to the point.

5
Member's Profile
Detailed, informative and an absolute requirement to understand SOX governance/regulatory bodies.

4
Member's Profile
Some of the questions in the final contain incorrect information. Otherwise, the course is good.

5
Anonymous Author
wonderful content and lots of good information. wonderful content and lots of good information.

3
Anonymous Author
Did not understand the section on controversy around Pitt & Webster. Seemed somewhat irrelevant

4
Anonymous Author
Review is a bit gray but it is not the trainer's fault. The material is not that exciting.

4
Member's Profile
The course materials are well explained and well organized. The topics were easy to digest.

5
Member's Profile
Great learning. It was great time to long through the bodies and their responsabilities

4
Anonymous Author
It was good to understand what SEC and PCAOB mean since those are visible "everywhere".

5
Anonymous Author
This was a very good overview of SOX. I look forward to taking more of Lynn's classes.

3
Anonymous Author
I was a bit overvelmed with the historical information, was a bit too much to digest.

5
Anonymous Author
Excellent review of the Authoritative Bodies and the development of these entities.

5
Anonymous Author
Training is very good to understand the authoritative bodies of the SEC and PCAOB

5
Anonymous Author
Information was memorable with specific stories that related to the standards.

5
Anonymous Author
This is a useful overview of the SEC and PCAOB history and activity to date.

5
Anonymous Author
There wasn't much information in regards to differences between AS2 and AS5.

4
Anonymous Author
Good background into the SEC and PCAOB and their role and responisbilities.

5
Member's Profile
Really good content. Very comprehensive passing through all the main topics.

5
Anonymous Author
Comprehensive and relevant information. It's a very well construed course.

5
Anonymous Author
Excellent discussion regarding Authoritative Bodies responsible for SOX.

3
Member's Profile
Very helpful, however, too much theoretical information, years, reports

4
Member's Profile
Very good course, Its good to have a one presentation rather than many

4
Anonymous Author
Provide a good insight into the responsibilities of the SEC and PCAOB

5
Anonymous Author
great content. I recommend the course and the trainer Lynn Fountain

4
Anonymous Author
Insightful content with short videos which makes it easy to learn.

5
Member's Profile
another challenging yet informative test! I really learned a lot!

5
Member's Profile
I have now understood the relationship between PCAOB and the SEC.

5
Anonymous Author
Detailed knowledge shared regarding the PCAOB and its operations.

5
Member's Profile
Professionals in finance would get the most from this course.

5
Member's Profile
Very informative background on the authoritative bodies.

5
Anonymous Author
Great information on PCAOB. Informative and effective

4
Anonymous Author
This course provided a lot of interesting information.

4
Anonymous Author
Very good insight to know SOX: Authoritative Bodies,

4
Anonymous Author
Good and brief notes and information about the course.

3
Anonymous Author
Please reveal wrong answers at the end of the exam!!!!

4
Member's Profile
good content but a little bit lagging in my opinion.

4
Member's Profile
Best point: understanding SEC vs PCAOB and AS2 to AS5

4
Anonymous Author
Great way to describe the background of SOX control.

3
Anonymous Author
A lot of interesting information.

Prerequisites
Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed for this course. 

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION and OVERVIEW
  Introduction to SOX: Authoritative Bodies7:45
PCAOB
  SEC Background 12:14
  PCAOB Mission and Powers8:12
  PCAOB Standards Issuance 11:42
  Penalties 6:02
  PCAOB Reports 4:22
CONCLUSION
  Summary2:08
Continuous Play
  SOX Authoritative Bodies 52:27
SUPPORTING MATERIALS
  Slides: Authoritative BodiesPDF
  Authoritative Bodies GlossaryPDF
REVIEW and TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam