How to Comply With SOX Section 404

An Intensive, Practical Two-Day Seminar Featuring Real-World Case Studies and Focusing on:

• Implementation Guidance for Section 404 In a Cost Effective Manner
• Best Practices for COSO-Based Internal Control Evaluation
• Proven Evaluation Tools for the Control Environment and Process Controls
• The True Cost of Complying with SOX; Keys to Cost Control
• How to Reduce Audit Fees
• How to Determine What Will Work Best In Your Own Organization
• Why Private Companies Can’t Afford to Ignore Sarbanes Oxley Compliance
• SEC SOX Compliance Hot-Spots; Enforcement Problems
• Best Practices to Evaluate IT Controls; Overview of COBIT
• SOX Compliance Software – How to Choose
• Sustainable Compliance for SOX Sec. 404: Keys to Success
• Implementation Guidance for Section 302 and 301.4

The 404 Implementation Guidance You’ve Been Seeking – and More! Learn Practical, Cost-Effective 404 Compliance Strategies

Seminar Agenda

The Keys to Cost Effective Compliance

Overview: SEC, PCAOB and Section 404 requirements

• “Top-down and risk-based” vs. year one approach
• Key controls: how many are really key? — controlling costs
• How to persuade your external auditors to work efficiently

Internal Control – Integrated Framework (the COSO report): what COSO really says

• Top-down: the control environment
• Risk-based: the other four internal control components
• The challenge: how to evaluate soft controls — the tone at the top
• A “working inventory” of soft controls

Road Maps from the Real World

Implementation Guide for Section 302

• Learn how leading companies support their CEO/CFO certification
• Examine simple, cost effective procedures that really work

Implementation Guide for Section 404

• Step-by-step explanation of how other companies successfully conduct their annual internal control evaluations
• Examine key roles and responsibilities
• Understand the critical decisions — what are your costs, benefits and options

Implementation Guide for Section 301.4 (whistle blowing program)

• Structuring an effective program
• How to make employees feel safe

Implementation tips and examples; Sec. 301.4, 302, 404

Best Practices for COSO-Based Internal Control Evaluation

Overview of IIA research study, Control Model Implementation: Best Practices

• Review an excellent source on how to evaluate internal controls in conformance with COSO requirements
• Examine several concrete examples of COSO best implementation practices from leading edge companies

The critical components:

• Self-assessment
• Risk assessment

Examine the full range of tools available for COSO-based internal control evaluation

Case Studies in COSO-Based Internal Control Evaluation

A practical tool for evaluating the Control Environment and related entity-wide controls

• A proven example: Ameritech’s entity-wide self-assessment survey
• Keys to success, caveats and considerations in entity-wide surveys

New tools for the Control Environment and related entity-wide controls

• El Paso Corporation’s Internal Control Assessment Survey
• United Stationers’ Survey
• Alcatel’s Questionnaire
• Aquila’s Capabilities Maturity Technique

Tools for evaluating process-level controls (the good, the bad, and the useless)

• FreddieMac
• ALLTEL
• Supervalu
• Aquila

SOX Compliance Software

• When do you need it?
• What’s available
• How to choose
• (Participants are invited to bring their own tools to share and get feedback)

Frameworks for Evaluating IT Controls

• Overview of COBIT and how it relates to COSO
• Overview of IT Control Objectives for Sarbanes-Oxley

Critical SOX Issues

• Tips for walkthroughs
• How to identify key controls (a simple, practical risk-based approach)
• How to identify significant deficiencies and material weaknesses
• Five principles for evaluating soft controls
• What it costs to comply
• The effect of reporting weaknesses on share price
• Current SEC SOX “Hot-spots”: most recent enforcement (or problem) areas

Sustainable Compliance for Sec. 404: Keys to Success

• The cultural shift toward continuous monitoring
• Project to process: leadership; common terminology and techniques; training
• Hardwiring 404 into business processes
• Technology “solutions”
• The role of internal auditM

Sustainable Compliance: Application

Risk assessment - terms and fundamentals. Exercises:

• Application to an everyday process
• Application to a common business process
• Application to a business process from your company (participants are asked to bring an example of SOX process documentation from their company. They will apply the risk-based approach in a case study to see if they can reduce the number of key controls)

Sustainable Business Results: Opportunities in SOX Compliance

• Cost reduction, business benefit
• Streamlining business processes
• Making better use of data
• Better information for business decisions
• The ultimate: expanding SOX into ERM

CPE Credits...

The National Center for Continuing Education is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Visit the NASBA web site at www.nasba.org.

Who Should Attend?

This seminar is ideal for accountants, auditors and financial professionals who have a basic understanding of Sarbanes-Oxley legislation and need a definite understanding of: how to implement SOX Sec. 404, 302, and 301.4. Included in this group are:

• CFO’s, Treasurers, Controllers and accounting staff
• Auditors: Internal and Independent
• Financial VPs., Directors, Managers, Analysts and staff
• Budget Directors, Managers and Analysts
• Securities Regulators, Risk Managers and Government Finance Officials

Seminar Prerequisites

Course Level: Intermediate
Prerequisites: Basic knowledge of Sarbanes-Oxley Legislation.

You can obtain a basic knowledge of Sarbanes- Oxley by attending NCCE’s basic seminar on that topic: Understanding Sarbanes-Oxley and SAS 99.

Instructors

• Jim Roth, DBA, CIA, CCSA

Custom Training Programs ...

If you have a group of 14 or more employees who need to understand How to Comply With SOX Section 404 In a Practical, Cost-Effective Manner or other financial training, then NCCE’s customized training is the cost effective solution for your organization. Bring How to Comply With SOX Section 404 in-house and insure that your staff has the technical skills, knowledge and training to assure effective compliance with SOX Sec. 404.

For more information or to schedule a custom in-house program, e-mail NCCE at contact@nccetraining.com or telephone 800-635-9615.

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