Linking the SOX Compliance Process to the PCAOB's Audit Standard No 5 to Maximize Compliance Effectiveness

Instructor: Javier Kuong
Product ID: 700841

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Last Recorded Date: Mar-2008

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This webinar focuses on how companies can take advantage of the information provided in the standard to achieve cost-effective and sustainable SOX compliance.


Linking the compliance program to the PCAOB’s Standard No. 5 is wise because this new standard suggests that the external auditor may rely on the work of

To ensure proper and effective implementation of the Sarbanes-Oxley Act, the US Congress authorized the formation of the Public Company Accounting Oversight Board (PCAOB). PCAOB was intended to oversee the activities of public accounting firms when assessing and vetting management's company statement of internal control for public companies that are obligated to meet the SOX Act. In this connection, PCAOB issued audit standards to guide accounting firms in the proper conduct of SOX related audits. This implies that, through vetting of the status of internal control, the independent auditor ultimately determines whether a public company is compliant with SOX requirements and opines on the adequacy of a company's internal controls in support of the integrity of the financial statements.

PCAOB has issued two versions of a set of standards to guide public accounting firms in the process of vetting public accounting companies' internal control statements. The initial standard was the Standard No 2. This was recently replaced by the Standard Number 5 which takes into account the challenges of small and medium businesses (SMBs) in meeting SOX compliance. Unfortunately, SOX teams mainly preoccupied with assessing and remediating their company's internal controls often fail to take a broad view and consider the requirements that PCAOB imposes upon the independent auditor. It is obvious that it is in the best interest of public companies to be knowledgeable on the key elements of the standard and try to take into account as many of the guidelines to facilitate the work of the external auditor in their internal control vetting process. Linking the compliance program to the PCAOB's Standard No. 5 is wise because this new standard suggests that the external auditor may rely on the work of ‘others' including the regulated company's personnel, in their assessment. This impacts the extent of testing of their clients' internal control systems. This can not only make it easier for a company to satisfy compliance buy also derive savings from reducing the extent of independent assessment and testing effort that the external auditor must conduct to arrive at their opinion.

This webinar provides fundamental background on PCAOB's Standard No 5. Next, it focuses on how companies can take advantage of the information provided in the standard to achieve cost-effective and sustainable SOX compliance.

Areas Covered in the seminar:

  • Should SOX compliance encompass more than just the internal view of internal control adequacy to support financial reporting?
  • Fundamental concepts of the PCAOB's audit standards 5 and implications to the SOX compliance process.
  • Maximizing the effectiveness of compliance by linking PCAOB's Audit Standards 5 guide for independent auditors.
  • How considering the independent auditor's needs and PCAOB's Audit Standards 5 facilitates the vetting process and saves auditors' vetting costs?
  • Key considerations for linking the SOX audit process to the PCAOB's audit Guide 5.
  • Questions and Answers

Who will benefit:
This webinar is based on consulting experience assisting companies in developing frameworks for SOX compliance and corporate governance. It will provide you with valuable knowledge to assist you in developing a more effective SOX compliance program that is more in sync with the requirements of the external auditors that are instrumental in vetting a company’s internal control adequacy to meet SOX mandates. It will contribute to develop effective and sustainable compliance programs that are in sync with the view of the external auditor.

It will benefit:

  • CEOs, Board members and Audit or Corporate Governance Committee Members
  • Compliance Officers (CCOs), Chief Risk Officers (CROs)
  • CFOs, Controllers and Accounting professionals
  • Legal Counsel, Human Resources and Public Relations
  • Internal and external Auditors
  • COOs, CTOs, IT professionals, quality assurance specialists
  • Any line manager or user of IT services and concerned with compliance
  • Consultants and internal control advisors
  • Compliance and quality assurance specialists
  • Performance and Compliance product vendors

Instructor Profile:
Javier Kuong, has over 25 years of management, consulting, lecturing and development experience in the Corporate and IT Governance, Compliance, Internal Controls, Risk Management, IT Auditing and Business Continuity fields as an executive, international consultant, lecturer and author of over 40 books and manuals on these topics.

He has held positions as a CIO and Systems manager for industrial companies and as senior consulting manager for a major CPA firm. He is the founder of Management Advisory Services & Publications (MASP) that specializes in governance, compliance, auditing and internal control. He has authored a popular book on “Implications of and Compliance to Sarbanes-Oxley and Other Acts – Strategy, Framework & Action Plan and four other books on Sarbanes-Oxley, including a treatise on “Enterprise Governance, Risk Management and Compliance (GRC)”. He consults and lectures internationally for prominent organizations in his fields of expertise.

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