Complying with Sarbanes-Oxley Section 404 : A Guide for Small Publicly Held Companies

by Graham, Lynford

ISBN13: 9780470572559

ISBN10: 0470572558

Format: Hardcover

Pub. Date: 2010-04-05

Publisher(s): Wiley

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Summary

For the first time, smaller public companies must now comply with Sarbanes-Oxley 404. This book provides updated citations and references to SEC and PCAOB materials, links to current guidance on-line, and specific guidance to companies on working with auditors to achieve benefits and cost reductions. It also provides coverage of IT and IT general controls, and clarifies guidance directed to companies versus guidance directed to auditors. Business professionals will receive advice on working with auditors to achieve benefits and cost reductions.

Author Biography

LYNFORD GRAHAM, CPA, PhD, CFE, is coeditor of Accountants Handbook, Eleventh Edition; Internal Controls: Guidance for Private, Government, and Nonprofit Entities; and contributing author to Montgomery's Auditing, Twelfth Edition, all published by Wiley. He is also the author of Information Technology Audits. Dr. Graham consults on professional accounting and auditing matters, focusing on multidimensional problem solving requiring "leading-edge" thinking and "hands-on" management. With diversified experience as author, executive, consultant, auditor, and educator, he has a solid record of accomplishments, having served on the AICPA Auditing Standards Board.

Preface	p. ix
Acknowledgments	p. xi
About the Author	p. xiii
Introduction and Company Requirements	p. 1
Chapter Summary	p. 1
Lessons Learned	p. 1
Management's Evaluation of Internal Control	p. 4
SEC Company Requirements	p. 8
Working with the Independent Auditors	p. 23
The COSO Internal Control Framework	p. 25
Chapter Summary	p. 25
Need for Control Criteria	p. 25
The Triangle of Efficiency	p. 26
COSO Internal Control Integrated Framework	p. 27
Information and Communication	p. 50
Internal Control for Small Businesses	p. 54
Information Technology Controls	p. 58
Control Objectives and Assertions: The Building Blocks of Controls Documentation	p. 64
Example Control Objectives by COSO Component	p. 65
Understanding and Awareness of Control Responsibilities	p. 71
Management Antifraud Programs and Controls: An Element of the Control Environment	p. 73
Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees	p. 95
Project Scoping	p. 97
Chapter Summary	p. 97
Introduction	p. 97
Does "In Scope" Imply Extensive Testing?	p. 100
Review Obvious Information Sources	p. 103
A Process for Risk Assessment	p. 116
Summary of Scoping Inquiries	p. 133
Understanding Fraud Risk Assessment	p. 137
Project Planning	p. 143
Chapter Summary	p. 143
Objective of Planning	p. 143
Information Gathering for Decision Making	p. 144
Structuring the Project Team	p. 147
Consider Project Tools and Software	p. 153
Consider a Pilot Project	p. 163
Coordinating with the Independent Auditors	p. 167
Documenting Your Planning Decisions	p. 169
Documentation of Internal Controls	p. 173
Chapter Summary	p. 173
Importance of Documentation	p. 173
Assessing the Adequacy of Existing Documentation	p. 175
Documentation Supporting the Control Environment	p. 177
Documenting Activity-Level Controls	p. 182
Finding Control Activity Control Objectives	p. 208
Sample Control Objectives for Major Control Activities	p. 210
Linkage of Significant Control Objectives to Example Control Policies and Procedures	p. 223
Testing and Evaluating Entity-Level Controls	p. 231
Chapter Summary	p. 231
Overall Objective of Testing Entity-Level Controls	p. 231
Testing Techniques and Evidence	p. 234
Evaluating the Effectiveness of Entity-Level Controls	p. 252
Documenting Test Results	p. 257
Conducting Interviews: Gathering Internal Control Information	p. 259
Example Practice Aids Gathering Internal Control Information	p. 267
Example Inquiries of Management Regarding Entity-Level Controls Gathering Internal Control Information	p. 274
Testing and Evaluating Activity-Level Controls	p. 281
Chapter Summary	p. 281
Introduction	p. 281
Confirm Your Understanding of the Design of Controls First	p. 281
Assessing the Effectiveness of Design	p. 286
Assessing Operating Effectiveness	p. 288
Evaluating Test Results	p. 304
Documentation of Test Procedures and Results	p. 305
Interactions with the Independent Auditors	p. 305
Sample Size Tutorial	p. 307
Example Inquiries	p. 310
Evaluating Control Deficiencies and Reporting on Internal Control Effectiveness	p. 313
Chapter Summary	p. 313
Control Deficiencies	p. 313
Evaluating Control Deficiencies	p. 314
Annual and Quarterly Reporting Requirements	p. 326
Reporting on Management's Responsibilities for Internal Control	p. 332
Required Company and Auditor Communications	p. 333
Reporting the Remediation of Weaknesses	p. 337
Coordinating with the Independent Auditors and Legal Counsel	p. 337
Action Plan: Reporting	p. 339
Assessing the Potential Magnitude of a Control Deficiency	p. 341
Key Resources	p. 345
Final Rule: Management's Report on Internal Control over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports	p. 345
Index	p. 349
Table of Contents provided by Ingram. All Rights Reserved.

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Complying with Sarbanes-Oxley Section 404 : A Guide for Small Publicly Held Companies

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Complying with Sarbanes-Oxley Section 404 : A Guide for Small Publicly Held Companies

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