Certificate in SOX Compliance

Certificate in SOX Compliance

Course Features

  • Certificate: Yes
  • Course Capacity: 15
  • Skill Level: Advanced
  • CPE Hours: 6


Course Overview

The investors’ confidence is fundamental for the success of the corporate environment around public listed companies. This is the basic purpose behind the introduction of the Sarbanes-Oxley Act in 2002 in the USA. The SOX ACT brought the required regulatory changes to protect the interest of investors, enhance investor’s confidence by establishing required financial disclosures, and establishing obligation on the signing officers for the financial statements.
The most challenging factor of SOX compliance is to establish a system which supports a robust
sign-off process to the top not only from compliance perspective but in its basic spirit.

The objectives of this course are:

  1. understand the background and basic purpose of Sarbanes-Oxley Act 2002 (SOX)
  2. To understand the importance of Corporate Governance
  3. To learn the key components of SOX Act
  4. To understand the significance of Auditor’s Independence
  5. To learn SOX compliance requirement & enhanced disclosures

Key Takeaways for Participants:

The participants will be familiar with Sarbanes Oxley legislation, the theoretical and practical aspects thereof, its applicability, regulatory environment, the auditor’s independence, corporate responsibility, enhanced financial disclosures and penal actions for noncompliance in the light of real-life examples.

Who should attend (Participants):

This important course is designed for middle and senior professionals as well as academicians and
regulators who are required to have a general understanding and overview of the SOX legislation
and its Compliance, including:

  1. CFOs / Finance Managers and Controllers
  2. Accountants providing opinion on Financial statements
  3. Compliance officers and Internal auditors
  4. Strategy Directors and Managers
  5. Heads of Policies and process owners
  6. Financial Advisors and Corporate Analysts
  7. Business Analysts / External Auditors
  8. Academic Researchers and knowledge seekers
  9. Regulators and policy makers
  10. University Faculty Members and Students

Program Outline:

Module 1
  1. Occupational Fraud – Who causes the biggest damage?
  2. What is Sarbanes Oxley Act 2002 (SOX) and its key objectives
  3. Key components of SOX Act 2002
  4. Abbreviations & Definitions
  5. COSO Framework / 5 Components of Internal Controls
  6. Case Studies – Financial scandals of early 2000’s
  7. The basic need & purpose of SOX
  8. The approval & applicability of SOX
  9. Regulatory environment
  10. Filing timelines and filers’ categories
  11. Auditor’s independence
  12. Non-audit services & pre-approval requirement
  13. Audit partner rotation
Module 2
  1. Conflict of interest
  2. Auditor reports to audit committee
  3. Public Company Accounting & Oversight Board (PCAOB/Board)
  4. Establishment & composition
  5. Role of the board
  6. Registration by public accounting firm & standard setting
  7. Inspection, investigation, sanctions & enforcement
  8. Corporate Responsibility
  9. Audit Committee – Composition, Criteria, and authority
  10. Whistleblowing mechanism / ethical program
  11. Certification of financial statements
  12. The signing officers’ obligations & disclosure requirements
Module 3
  1. Improper influence, forfeiture, blackout period and attorneys
  2. Financial disclosures
  3. Requirement of financial reports
  4. Statements u/s 16 of Securities & Exchange Act, 1934 by Directors, Officers, and principal
  5. Internal Control Report and Internal Control over Financial Reporting (ICFR)
  6. Section 404 Program
  7. How to define materiality
  8. Audit scope based on risk score as per control self-assessment (CSA)
  9. Compliance review work breakdown structure
  10. Process documentation for 404 Review
  11. Stores & inventory control
  12. Amendment of guarantee
  13. 404 Program – defining scope
  14. Recommendatory approach
  15. Code of Ethics
  16. Accountability & Penal Actions
  17. Key amendments by Dodd-Frank WSRCP Act, 2010 & JOBS Act, 2012
  18. Importance of Application / solution
  19. Discussion, Q&A and Conclusion
  20. Certification

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