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In the early years of Sarbanes-Oxley (SOX), organizations went to significant detail documenting and testing financial processes. The Public Company Accounting Oversight Board (PCAOB) stressed in Auditing Standard 5 (AS5) the need to focus testing on those accounts that could materially impact the financial statements. AS5 prescribes that the auditor should use a top-down approach to the audit of Internal Control Over Financial Reporting (ICFR).
Although AS5 provides guidance on performing a top-down Risk Assessment (RA), many organizations still struggle with the concept. This course will focus on the requirement for a top-down RA and processes your organization can utilize to effectively apply the approach. We will cover critical concepts of AS5 risk factors when identifying significant accounts as well as the importance of evaluating entity level controls.
Learning Objectives
- Explore a top down accounting Risk Assessment (RA)
- Explore the importance of entity level controls
- Identify types of entity controls
- Explore linking controls to financial statement assertions
- Explore Committee of Sponsoring Organizations (COSO) principles to evaluate for the existence of required controls
Last updated/reviewed: November 17, 2019
Included In Certifications
This course is included in the following Certification Programs:
17 CoursesSarbanes-Oxley (SOX) Certification
- Sarbanes Oxley (SOX) 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) - Information Technology Controls
- Sarbanes-Oxley (SOX) - Assessing Material Impact
- XBRL - Connection to SOX 302/404 and Critical Roles
- Tools For Sarbanes-Oxley Compliance
42 Reviews (130 ratings)Reviews
Anonymous
()
This course provided a nice overview of how to perform a top down risk assessment for SOX.
Anonymous
()
The course provided plenty of useful information, and the presentation was very clear.
Anonymous
(None)
Good introduction to the risk assessment (RA) with the majority of the course reviewing material already touched upon by the instructor in other presentations and culminating in the introduction and discussion of a RA template.
Randy Maddox
(Internal Control Senior at Jack Cooper Transport)
I'm happy that my suggestion to show the correct answers after test completion was implemented. Knowing the correct answer builds on the understanding of the material.
Anonymous
(-)
Very well-presented material that is relevant to today's audit environment. Course pace was appropriate and objectives were mer. I would reccomend this course.
Anonymous
(Manager SOX & Accounting)
Great example of a methodology to determine significant accounts. Really looking forward to the next session to see it used in the case study.
Anonymous
(SOX process manager)
Great practical overview of top down risk assessment process including a practical example that demonstrates the theory in practice.
Anonymous
(Project Manager)
Overall the course provides a great overview in a top down risk assessment approach that is critical for organizations
amanda carney
(- at -)
Very good course that did a nice job of laying out the how to conduct a top-down approach and background behind it.
Anonymous
(Chief Strategist)
The lesson was very informative. The instructor was well-prepared for the discussion and perfectly paced the lesson.
Joy Franklin
(Auditor at Assurant)
This was an informative course, and I am looking forward to the next course to see more example for application.
Anonymous
(Lead IT Auditor)
This was a very helpful overview of the reasons for and importance of a Top Down approach to a Risk Assessment
Kevin Murray
(Controller at DA Collins)
This is a very good course on ELC's and the top down approach to RA. This is worth the time to take.
ERIC ABAIDOO
( at Tullow Oil)
Another well delivered lecture.Excellent!I enjoyed it thoroughly especially the scoring methodology
Anonymous
(Controller)
Very informative. Course provided good information to evaluate current risk assessment process.
Anonymous
(CPA)
This course was excellent and provided important information that I will utilize in the future.
Anonymous
(Internal controls manager)
This course was giving good food for thoughts when thinking how to perform risk assessment.
Anonymous
(Internal Controls Manager)
I found it is very practical explanations and would be implement in any organizations.
William Seubert
( at Mercury Systems, Inc.)
Simple and clearly-explained overview of the top-down risk-based assessment process.
FABIO PASTENA
(internal controls leader at ge)
Excellent review. However wish there was more discussion and addressing disclosures.
Corey Masters
(Accountant, Internal Auditor, Risk Speci.. at Self)
This course provided a good over view of preparing for a top down risk assessment
Anonymous
(Staff Operations Auditor)
This course provides a great overview of the Top-Down Risk Assessment Process.
Sarah Nikas
(Finance Controls and Compliance Lead at Cargill)
Good information, easy to understand. Great to have the slides as reference.
Anonymous
(Controls Specialist)
This was a good introduction to top-down risk assessment in Sarbanes Oxley.
Sylvia Ratliff
(internal audit consultant at self employed)
A lot of material, but well organized and presented. I enjoyed the course.
Donna Degenhart
(Manager at - NA -)
Great techniques to utilize for preparing and executing a Risk Assessment.
Gabriel Sotero
(Associate at PwC)
Great approach to top-dwn risk assessment. Very descriptive and practical.
Anonymous
()
Good course containing educational information that met course objectives,
Anonymous
(Program Management)
This is a great training on how to perform a top down risk assessment!
Donald Dye
(Partner at Skylake)
material was presented in a effective format. slides are very useful.
Jennifer Pawliw
(Associate Auditor at Berkshire Bank)
Good course, very informative. Sample charts were extremely helpful.
Anonymous
()
Recommend Sarbanes - Oxley (SOX) Top down risk assessment Part1.
Paulo Sitoe
(Internal Auditor at Nokia)
Great recap of top down risk assessment and risk grading.
Carlinton Clarke
(- at Duca)
Great simple explanation with very useful examples
Anonymous
(-)
Good coverage of the topic and very informative.
Anonymous
(-)
Very informative. Concepts are well explained.
Jaden Turner
(Founder - CTO - CIO at QUIKER Quality Engineering)
Really enjoying the entire SOX series
Anonymous
(SOX Senior Auditor)
A lot of good information.
Anonymous
(-)
Detailed points
Anonymous
(-)
Good info
Mei Ren
(Regional Director at AECOM)
Good
Anonymous
(Sr. Internal Auditor)
.
Prerequisites
Course Complexity: Advanced
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 .