SOX105. Sarbanes-Oxley for Dummies- 20 hours. Objectives



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SOX105 Sarbanes-Oxley for Dummies- 20 hours Objectives In plain English, this completely reliable handbook walks you through the new and revised SOX laws, introduces compliance strategies for changed and unchanged guidelines, and gives you an effective framework for implementation You ll find out how to create an efficient audit committee, purchase and use SOX software solutions, and make practical, cost-effective decisions in your initial compliance year and beyond. You ll also find proven strategies for staying public or going private and learn how to deal with all those SOX forms. Discover how to: Establish SOX standards for IT professionals Minimize compliance costs in every area of your company Survive a section 404 audit Avoid litigation under SOX Anticipate future rules and trends Create a post-sox paper trail Bolster your company s standing and reputation Work with SOX in a small business Meet new SOX standards Build a board that can t be bought Comply with all SOX management mandates Complete with invaluable tips on how to form an effective audit committee, Sarbanes-Oxley For Dummies is the resource you need to keep your SOX clean. Chapter 1 The SOX Saga Course Outline

After completing Chapter 1, you should comprehend the following: 1. Plowing through the politics of SOX 2. Combating corruption under SOX: everyone has a role 3. A summary of SOX: taking it one title at a time 4. Some things SOX doesn t say: SOX myths Chapter 2 SOX in Sixty Seconds After completing Chapter 2, you should comprehend the following: 1. Reestablishing control after the scandals 2. Four squeaky clean SOX objectives 3. How SOX protects the investing public 4. Rapid rulemaking regrets Chapter 3 SOX and Securities Regulations After completing Chapter 3, you should comprehend the following: 1. Pre-SOX securities laws 2. The scope of SOX: securities and issuers 3. The post-sox paper trail 4. Behind the 8-K ball after SOX 5. Annual SEC scrutiny after SOX 6. Why privately held companies care about SOX Chapter 4 SOX and Factual Financial Statements After completing Chapter 4, you should comprehend the following: 1. Auditing the auditors: 2007 guidance from the SEC 2. SOX s recipe for seeking out cooked books 3. Finding financial information 4. Accessing annual reports 5. Surfing SEC filings Chapter 5 What s New for Non-Accelerated Filers

After completing Chapter 5, you should comprehend the following: 1. A SOX update for small companies 2. Getting the auditor s opinion Chapter 6 A New Audit Ambience After completing Chapter 6, you should comprehend the following: 1. How SOX rocks the accounting profession 2. An example of audit failure: Arthur Anderson 3. SOX as a substitute of self-regulation 4. Is there an independent auditor in the house? 5. What SOX says about CPA s 6. Section 404: The sin eater provision Chapter 7 A Board to Audit the Auditors After completing Chapter 7, you should comprehend the following: 1. Taking a new approach to audit oversight 2. Primary purposes of the PCAOB 3. Some practical PCAOB matters 4. PCAOB rules: old meets new 5. Evolving PCAOB polices and issues 6. When the PCAOB doesn t perform 7. Struggling for standards Chapter 8 The Almighty Audit Committee After completing Chapter 8, you should comprehend the following: 1. Deliver or delist: rules of the stock exchanges 2. From the audit committee annals 3. Starting with charter 4. The audit committee interface 5. Some stricter NYSE rules 6. Membership requirements 7. Day-to-day committee responsibilities

Chapter 9 Building Boards that Can t be Bought After completing Chapter 9, you should comprehend the following: 1. Some background about boards 2. In search of independent directors 3. Forming committees for nominating directors 4. Regulating director compensation 5. Some exempt boards for the moment Chapter 10 SOX: Under New Management After completing Chapter 10, you should comprehend the following: 1. Chiefly responsible: CEOs and CFOs 2. A Section 302 certification checklist 3. Clearing up common Section 302 questions 4. Viewing control as a criminal matter: Section 906 5. More reporting responsibilities for management and auditors: Section 404 6. Taking internal control seriously 7. Seeking out sub-certifications 8. Some good advice for CEOs and CFOs Chapter 11 More Management Mandates After completing Chapter 11, you should comprehend the following: 1. Codifying the corporate conscience 2. New rules for stock selling and telling 3. Prohibiting personal loans 4. Banning blackout trading 5. Making managers pay personally 6. Stopping audit inference Chapter 12 Clearing up Confusion about Control After completing Chapter 12, you should comprehend the following: 1. The nuts and bolts of Section 404 2. When do companies have to comply with Section 404?

3. Section 302 internal control versus Section 404 internal control 4. Controlling the cost of compliance Chapter 13 Surviving a Section 404 Audit After completing Chapter 13, you should comprehend the following: 1. Dividing responsibilities in a Section 404 audit 2. What is (and is not) related to the audit 3. Complying with auditing standard No. 5 4. Flunking a Section 404 audit Chapter 14 Taking the Terror out of Testing After completing Chapter 14, you should comprehend the following: 1. The price of the project 2. Hail to the documents 3. Caveats about controls 4. Ogling the outside vendors: SAS 70 reports 5. Evaluating control with the COSO framework Chapter 15 Getting Technical with SOX After completing Chapter 15, you should comprehend the following: 1. Some specific SOX sections that talk to techies 2. Getting a SOX-ified system in place when. 3. Evaluating your systems after SOX 4. Preventing control problems before they happen 5. Falling back on COBIT Chapter 16 Surveying SOX Software After completing Chapter 16, you should comprehend the following: 1. Some SOX software trends 2. Identifying the types of software on the market 3. Shopping for SOX software 4. SOX meets cousin IT

5. The COSO standards for software 6. Complying with COBIT Chapter 17 Working with some Actual SOX Software After completing Chapter 17, you should comprehend the following: 1. Doing your research before a software installation 2. Getting to know SarbOxPro 3. Opting for other types of software solutions Chapter 18 Lawsuits under SOX After completing Chapter 18, you should comprehend the following: 1. The smoking gun: knowledge 2. The first big SOX trial: Richard Scrushy 3. Another test of the ignorance defense: Kenneth Lay 4. Timing is everything: Anderson, Ernst, and KPMG 5. The Gemstar Case: Interpreting Section 1103 6. Suing under SOX Section 304 7. Suing under Section 806: the whistle-blower provision Chapter 19 The Surprising Scope of SOX After completing Chapter 19, you should comprehend the following: 1. Outsourcing under SOX 2. Extending SOX principles to not-for-profits 3. SOX and foreign companies Chapter 20 Ten Ways to Avoid Getting Sued or Criminally Prosecuted Under SOX After completing Chapter 20, you should comprehend the following: 1. Maintain an active and visible audit committee 2. Communicate about how to communicate 3. Combat policy paranoia and Section 404 audit-chondria 4. Keep bonuses within bounds

5. Separate the whistle-blowers from the whiners 6. Invest in IT tools and tricks 7. Do something with all that data 8. Disclose triggering events on time 9. Document what s delegated 10. Focus on product and service delivery Chapter 21 Ten Tips for an Effective Audit Committee After completing Chapter 21, you should comprehend the following: 1. Pick the right number of members 2. Set up subcommittees 3. Find a financial expert 4. Create questionnaires 5. Adopt a smarter charter 6. Keep track of complaints 7. Communicate liberally 8. Report annually 9. Identify conflicts..and nonconflicts 10. Give notice when needed Chapter 22 Ten Smart Management Moves After completing Chapter 22, you should comprehend the following: 1. Form a disclosure committee 2. Set reporting schedules 3. Have more meetings and send less email 4. Challenge outdated and overly detailed policies 5. Review reports with their preparers 6. Keep up with current certification requirements 7. Avoid animosity with the audit committee 8. Don t confuse certification with control 9. Consider getting subcertifications 10. Track all the timelines Chapter 23 Ten Things you can t Ask an Auditor to do After SOX..295 After completing Chapter 23, you should comprehend the following:

1. Keep your books 2. Fix your financial information systems 3. Appraise a company property 4. Act as an actuary 5. Perform internal audit services for your company 6. Fill in for your management team 7. Be a headhunter 8. Advise you on investments 9. Dispense legal advice 10. Give you an expert opinion Chapter 24 Top Ten Places to Get Smart about SOX After completing Chapter 24, you should comprehend the following: 1. Sample SOX-online 2. Peruse the PCAOB website 3. Visit the SEC website 4. Get inside Sarbanes-Oxley trenches 5. Link to the AICPA website 6. Frequent the forum 7. Click on the COSO website 8. Find the FEI website 9. Spring for a subscription to compliance week 10. Don t forget Wikipedia!

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