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Concepts for an accounting top down risk assessment can be well defined, but execution of a true top-down risk accounting risk assessment is still a challenge. The requirement of Auditing Standard 5 (AS5) to consider multiple risk factors complicates the process. Organizations will often struggle with the best method to properly evaluate their accounts to determine those which present the potential for a material misstatement.
This course focuses on the methodology steps reviewed in Segment One of developing a top-down risk assessment. We delve further into understanding how to examine entity-level controls and their importance on determining account significance. We review the steps outlined in Segment One and apply those steps towards two separate scenarios. This allows the participant to think through the process and application and to examine how a scoring methodology may be beneficial within their individual process.
Learning Objectives
- Explore the key steps of a top down Risk Assessment (RA)
- Assessing entity level controls
- Determining significant accounts
- Linking to assertions
- Identifying related controls for significant accounts
- Linking to Committee of Sponsoring Organizations (COSO) principles
- Explore real world examples of executing a top down Risk Assessment
- ABC Construction
- Acme Inc.
Last updated/reviewed: November 7, 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
22 Reviews (80 ratings)Reviews
Anonymous
(Staff Operations Auditor)
I feel the course was helpful in understanding the concepts. The examples provided were very useful; however, the parts of course felt very repetitive, as a chunk of the material was a repeat of part 1. I feel it would have been better if less time had been spent going over previously covered material and more focus had been placed on the two examples provided.
Anonymous
(SOX process manager)
The course is very helpful in working through two examples of top down risk assessments which makes it easier to understand the concepts of weighting various elements as per AS5 and then risk scoring against significant accounts.
Anonymous
(-)
Anither excellent course from Lynn Fountain - informative and easily digestable! Content was appropriate for internal or external audit professionals and provided with a very practical and hands-on approach.
Anonymous
(SOX Manager)
Great instruction, good examples. Would have benefited from downloadable templates and less emphasis on the review since this is an immediate follow-up from the previous section.
Joy Franklin
(Auditor at Assurant)
The course was helpful in understanding the concepts. The examples provided were relevant and helped to understand the concepts more fully.
Anonymous
(None)
Wish less time had been spent going over previously covered material and the two examples had been further developed and emphasized.
Anonymous
(Manager SOX & Accounting)
The examples provided really help in understanding the concepts and learning how to apply them.
Anonymous
(CPA)
This course was excellent and provided important information that I will utilize in the future.
amanda carney
(- at -)
I would have liked to have more examples and some of the stuff was same as covered in part 1.
Sarah Nikas
(Finance Controls and Compliance Lead at Cargill)
Seems some of this info was covered in the prior section - could probably combine into one.
William Seubert
( at Mercury Systems, Inc.)
Overall good course demonstrating simple top-down risk assessment principles and examples.
Gabriel Sotero
(Associate at PwC)
Good course but I could not connect properly to part 1 as it repeats some of its concepts.
Jennifer Pawliw
(Associate Auditor at Berkshire Bank)
I feel as though the course was a repeat of part 1, charts and information was the same.
Anonymous
(-)
More examples on explaining how the top down risk assessment is implemented were needed
Anonymous
(Internal controls manager)
I liked the practical examples demonstrated how to execute top down risk assessment.
Anonymous
(Program Management)
The examples were very good, and the whole presentation was easy to understand.
ERIC ABAIDOO
( at Tullow Oil)
I enjoyed the case studies which made it more relatable to everyday experience.
Donald Dye
(Partner at Skylake)
this was alot of work but the slides and seminars made it much easier
Paulo Sitoe
(Internal Auditor at Nokia)
Nice recap of Top Down risk assessment, entity level controls.
Randy Maddox
(Internal Control Senior at Jack Cooper Transport)
It builds on Part 1 which I believe should be taken first.
Anonymous
(SOX Senior Auditor)
Very informative. Builds nicely off part1.
Mei Ren
(Regional Director at AECOM)
Good
Prerequisites
Course Complexity: Advanced
No advanced preparation or prerequisites are required for this course, but completion of the other courses in this series will be helpful.
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 .