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Internal Controls: Requirements for Public Companies and Their Auditors

Level: Advanced Recommended CPE Credit: 1 Prerequisite: Prior experience with documenting internal controls; knowledge of COSO helpful.

From the 1970s to 2004, financial scandals recurred in seemingly regular cycles. The scandals were answered with studies by professional and academic groups, new standards by professional organizations, and new legislation. All made incremental additions to correcting the problems. In the last part of this period the responses got teeth. The course takes a brief look at the sequence that got us to this point.

This course is the first of seven related courses.

Course Highlights

• The Sarbanes-Oxley Act of 2002
• SEC Release 33-8238
• PCAOB Auditing Standard No. 2

Course Objectives

• Review recent accounting failures and resulting legislation.
• Obtain an overview of the Accounting Reform Act of 2002 (the "Sarbanes-Oxley Act").
• Identify key elements in Sarbanes-Oxley Section 404, and the SEC Rule and PCAOB Auditing Standard implementing its provisions.

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