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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
- 1. Sarbanes-Oxley (SOX) - Top Down Risk Assessment Part 2
- 2. COVID-19 Business Impact Analysis - Updated
- 3. How to Mitigate Fraud Risks with Effective Internal Controls
- 4. What is the Problem with Fraud?
- 5. Wage and Hour Law Compliance: It’s More than just Paying the Hours on a Time Card
- 6. Principles for the Management of Operational Risk in the Financial Industry
- 7. How to Acquire a Policy of Third Party Liability Insurance
- 8. Anti-Money Laundering and the US Patriot Act
- 9. The Covenant of Good Faith and Fair Dealing
- 10. Sarbanes-Oxley (SOX) - Assessing Data Impact
Included In Certifications
This course is included in the following Certification Programs:
16 CoursesSarbanes-Oxley (SOX) Certification
- Sarbanes Oxley Overview
- SOX: Authoritative Bodies
- Sarbanes-Oxley (SOX) Standards - Evolution
- Information Technology General Controls Primer
- COSO 2013 Overview
- Sarbanes-Oxley (SOX) Section 404
- Sarbanes-Oxley Section 302: ICFR
- Sarbanes-Oxley (SOX) And Fraud Sections
- Sarbanes-Oxley (SOX) - Top Down Risk Assessment Part 1
- Sarbanes-Oxley (SOX) - Top Down Risk Assessment Part 2
- Sarbanes-Oxley (SOX) - Entity Level Controls
- Sarbanes-Oxley (SOX) Identifying and Documenting Controls
- Sarbanes-Oxley (SOX) Testing
- Sarbanes-Oxley (SOX) - Assessing Data Impact
- XBRL - Connection to SOX 302/404 and Critical Roles
- Tools For Sarbanes-Oxley Compliance
65 Reviews (202 ratings)
Reviews
Anonymous
(SVP Accounting and Internal Control)
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.
Juantai Jones
(Payroll Manager at Private)
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.
Jennifer Pawliw
(Staff Auditor 1 at Berkshire Bank)
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.
Anonymous
(Internal Control Expert)
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.
Anonymous
(Sr. Accountant)
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.
Marshall Balkcom
( at Assurant)
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).
Multimer Cayabyab
(Sr. Analyst at LCL)
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.
Mary Altrogge
(Internal Auditor at OptimeCare)
i like the additional sidenotes about the PCAOB websites, etal. for another viewpoint, incl articles on unconstitutionality brought about by a firm.
Anonymous
(Reinsurance Accounting Manager)
Good course to present the history of those entities that contributed to the creation of regulatory bodies to oversight internal control.
Mariem Issler
(Director Internal Control, Processes and.. at Thales)
This course provide a clear understanding of the role and responsibilities of the SEC and PCAOB Authorities as well as penalties risks.
Shreeya Srivastava
(IS/IT Internal Auditor at Nokia)
Very nice course and great learning experience. Provides more clarity on SOX authorities and more detailed learning guide on PCAOB.
Anonymous
(Consultant - Process Specialist)
The course was helpful. However, I was just confused with the Auditing Standards, since there was a change during the year 2017.
Melanie Cook
(Manager SOX & Accounting at First Merchants Bank)
Very well presentation explaining the history of the SEC & PCAOB, what each is responsible for, and the powers that they have.
Cory Goodman
(Internal Auditor - Finance at Republic Finance)
It was useful to hear the history of PCAOB audit results and deficiencies identified. Slides contained valuable information.
Anonymous
(Internal Controls Manager)
The course provides a lot of history and information on SEC and PCAOB. I personally believe the course can be more concise.
Anonymous
(Internal controls manager)
This course gave good understanding of the origin of the legislation and authoritative bodies related to Sarbanes-Oxley.
Michael Rogers
(Internal Auditor at Assurant)
Good history of who is behind the enforcement of audits as well as their findings overtime which continue to be a concern
Adrian Vlad
(Project Manager at Unicredit)
I liked the course because it introduces you to a short history of the regulations and how they developed over time.
Anonymous
(Sr. Accountant)
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.
Brent Gallo
(Owner at Hire A Cyber Pro LLC)
Not all answers were in the slides. Some referred to additional webinars outside of the initial training content.
Anonymous
(N/A)
The overview of the authoritative bodies provided an excellent refresher of the formation and powers of the PCAOB.
Sarah Nikas
(Finance Controls and Compliance Lead at Cargill)
Good description of the PCAOB and the SEC. Alot of info, appreciate the slides that can be used for review.
Anonymous
(Audit Manager)
This course provided a thorough background on the history of the PCAOB and it's relationship with the SEC.
Anonymous
(Audit Director)
Found it very interesting to learn the history of the PCAOB. Also to hear about some of the actions.
Michael Mahoney
(Executive at In Transition)
Course is informative, looks out of date from a presentation perspective when compared to other LMS
Lindsay Collins
(CPA at Lindsay Collins, CPA, CFE)
This course was excellent and provided very useful information which I will utilize in the future.
Anonymous
(Senior Auditor)
This was a good overview of SOX authoritative bodies. Course content were clear and to the point.
Brenda Dugan
(Financial Controls Compliance Manager at United Community Bank)
Detailed, informative and an absolute requirement to understand SOX governance/regulatory bodies.
Juan Lorenzo
(Director of Finance at Falcons Beyond Global)
Some of the questions in the final contain incorrect information. Otherwise, the course is good.
Anonymous
(Manager)
wonderful content and lots of good information.
wonderful content and lots of good information.
Anonymous
(Business Compliance Manager)
Did not understand the section on controversy around Pitt & Webster. Seemed somewhat irrelevant
Anonymous
(Contractor)
Review is a bit gray but it is not the trainer's fault. The material is not that exciting.
Shupto Mahbub
(CFO at Shupto Mahbub)
The course materials are well explained and well organized. The topics were easy to digest.
Paulo Sitoe
(Internal Auditor at Nokia)
Great learning. It was great time to long through the bodies and their responsabilities
Anonymous
(Specialist SOX Compliance)
It was good to understand what SEC and PCAOB mean since those are visible "everywhere".
Anonymous
(Business Compliance Manager)
This was a very good overview of SOX. I look forward to taking more of Lynn's classes.
Anonymous
(Internal Control Manager)
I was a bit overvelmed with the historical information, was a bit too much to digest.
Anonymous
(Treasury Manager)
Excellent review of the Authoritative Bodies and the development of these entities.
Anonymous
(Finance Director)
Training is very good to understand the authoritative bodies of the SEC and PCAOB
Anonymous
(Assistant Director of Internal Audit)
Information was memorable with specific stories that related to the standards.
Anonymous
(SOX process manager)
This is a useful overview of the SEC and PCAOB history and activity to date.
Anonymous
(Senior Internal Auditor)
There wasn't much information in regards to differences between AS2 and AS5.
Anonymous
(Controls Specialist)
Good background into the SEC and PCAOB and their role and responisbilities.
Carlos Rafael Paes Felix
(Manager at EY)
Really good content. Very comprehensive passing through all the main topics.
Anonymous
(Senior Internal Auditor)
Comprehensive and relevant information. It's a very well construed course.
Anonymous
(SVP & CFO)
Excellent discussion regarding Authoritative Bodies responsible for SOX.
Nurgul Barlybayeva
(Head of Internal Audit at KASPI.KZ JSC)
Very helpful, however, too much theoretical information, years, reports
Tanay Srivastava
(Sr IT/IS Auditior at Nokia)
Very good course, Its good to have a one presentation rather than many
Anonymous
(Accounting staff consultant)
Provide a good insight into the responsibilities of the SEC and PCAOB
Anonymous
()
great content. I recommend the course and the trainer Lynn Fountain
Anonymous
(Associate)
Insightful content with short videos which makes it easy to learn.
DAVID EDWARDS
(Sr. Accountant at Calpine)
another challenging yet informative test! I really learned a lot!
ERIC ABAIDOO
( at Tullow Oil)
I have now understood the relationship between PCAOB and the SEC.
Anonymous
(Internal Auditor)
Detailed knowledge shared regarding the PCAOB and its operations.
Mirwais Nazar Mohammad
(Senior Manager Finance at Ivanhoe Electric Corp.)
Professionals in finance would get the most from this course.
Jon McGinnis
(Internal Audit Director at One Call)
Very informative background on the authoritative bodies.
Anonymous
(Attorney)
Great information on PCAOB. Informative and effective
Anonymous
(Staff Operations Auditor)
This course provided a lot of interesting information.
Anonymous
(Senior Internal Auditor)
Very good insight to know SOX: Authoritative Bodies,
Anonymous
(Accounts Associate)
Good and brief notes and information about the course.
Anonymous
(Internal Audit Associate)
Please reveal wrong answers at the end of the exam!!!!
Aline Cristina Correa
( at Disney)
good content but a little bit lagging in my opinion.
Eric Jensen
(Sr IS/IT Internal Auditor at Nokia)
Best point: understanding SEC vs PCAOB and AS2 to AS5
Anonymous
(Senior Internal Auditor)
Great way to describe the background of SOX control.
Anonymous
(SOX Senior Auditor)
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
.
Lynn FountainCPA, CGMA, CRMA, MBA, Consultant, Author, Trainer
About Illumeo
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