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Sarbanes-Oxley: Compliance and Internal Controls!
Ensure individuals at the grass roots of your organization are on the same page as management and implementation teams in complying with the Sarbanes-Oxley Act
 Program Benefits
Compliance and Internal Controls!, by SIRCO Consultants, is a "must-have" program that helps your organization comply with the stringent new internal control requirements of the Sarbanes-Oxley Act (SOX). Training all key employees will increase corporate security and enhance shareholder confidence in your company. The SOX financial reporting legislation, intended to create reform and restore investor trust in public companies, makes senior managers directly accountable for the design and effectiveness of internal controls and the accuracy and integrity of financial reporting. Since controls are only as effective as the people accountable for the process, these new rules dramatically impact a company's need to ensure that all employees understand their role in enhancing and maintaining the controls. Compliance and Internal Controls! is the first program designed to specifically heighten that awareness and emphasize the importance of SOX internal control requirements for your entire organization. After experiencing Compliance and Internal Controls!, your organization will benefit from a better understanding of:
- The control requirements of the SOX law and its severe non-compliance penalties
- Management's responsibility for overall security of company assets
- The importance of financial focus and discipline throughout your entire organization
- Your company's internal control framework with more clearly defined roles and responsibilities
- Management/employees' responsibilities to shareholders
Program Description
Compliance and Internal Controls! is a one-day program of interactive learning
that focuses on the critical importance of the COSO Framework (a commonly
accepted internal control framework) and what it means to non-financial employees
who are expected to comply with the spirit and letter of the SOX law. Available
modules include:
- History and background behind Sarbanes-Oxley - how recent corporate scandals have changed the way companies must behave
- Significant aspects of Sarbanes-Oxley - as they relate to annual reports, management reports, penalties, documentation, testing, and other critical issues
- Appreciating and understanding the meaning of internal control - what is internal control and why is it important?
- The COSO Internal Control Framework
- Control environment - the foundation for the elements of internal control that set the tone of the organization, including ethical values and competence of the company's leaders and employees
- Risk assessment - the identification and analysis of relevant risks that can hinder the achievement of business objectives
- Control activities - specific tasks needed to mitigate each of the risks identified above
- Information and communication - vital information pathways between management and employees
- Monitoring - the evaluation and assessment of internal controls
- How you and your company will be evaluated - including via Management and Auditor Reports, the Public Company Accounting Oversight Board (PCAOB), Fine and Penalties, Documentation, Testing, and Fraud Prevention and Whistleblowing
Implementation/Customization
Compliance and Internal Controls! is a full or half-day program with interactive exercises customized to each organization. Most effective for groups of 20 or less, it can also be implemented during team-building, retreat, or other large group events. Highly effective as an augment to financial literacy training. Pre/post testing is available. Executive sessions are also available.
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