One of the foundations of a solid company is strong internal controls. This book provides practical ideas that compliance managers and controllers can implement into their programs to cut costs and reduce time with their internal controls program. In nontechnical language, it discusses PCAOB standards, SEC, and COSO guidance. It also provides the necessary tools for management's assessment of a company's internal controls, thus allowing management, not auditors, to drive their internal controls program. An excellent reference for compliance managers, controllers, business managers, and auditors, this text also represents an essential tool for smaller companies complying with SOx requirements.
Preface.Chapter 1. SEC's Guidance on a Risk-Based Approach.Purpose of Internal Control Over Financial Reporting.Highlights of the SEC Staff Statement.Staff's Emphasis on Reasonable Assurance.Comments on Evaluating Internal Control DeficienciesDisclosures about Material Weaknesses.Information Technology Comments from the Staff.Communications with Auditors: An Unintended Consequence.Message for Small Business Issuers and Foreign Private Issuers.Chapter 2. Highlights of the PCAOB's May 2005 Policy Statement.Policy Statement Highlights.Integrating the Financial and Internal Control Audits.Importance of Professional Judgment.Top-Down Approach and Role of Risk Assessment.When Auditors Can Use the Work of Others.Auditor's Ability to Provide Advice to Audit Clients.How the PCAOB Inspections Help Drive Improvements.A Final Comment.Chapter 3. Starting at the Top: Using Entity-level Controls to Create Efficiencies.What Are Entity-Level Controls?How Strong Entity-level Controls Can Reduce the Scope of Your ProgramHow to Apply COSO's Recent Internal Control Guidance.How to Create a Winning Control Environment.Steps for Creating a Useful Risk Assessment ProcessControl Activities.Creating an Effective Information and Communication Program.How to Implement Successful Monitoring Controls.How to Assign Roles and Responsibilities to Enhance Internal Controls.Small Company Issues for Implementing Company-Wide Controls.Summary of COSO's Guidance for Smaller Public Companies.Chapter 4. Minimizing Excess through Proper Scoping and Planning Practices.Scoping Analysis: Event or Process?How to Determine Materiality for Scoping Purposes.How to Use a Top-Down, Risk-Based Approach to Reduce the Scope of Your Program.Methods for Determining Significant Locations.Specific Areas Included and Excluded by the PCAOB.PCAOB and SEC Guidance on Other Common Scoping Issues.Chapter 5. Advantageous Project Management Techniques.11 Areas of Focus for the Second Year and Beyond.How to Increase Productivity With a Sound Management Approach.Aim for the Target Instead of the Way to Get There.11 More Project Management Tips.Staffing Strategies.Restructuring the Organizational Chart for Sustainability.How to Communicate Effectively through Emails, Meetings, and Advisories.Tactics for Dealing with Business Changes for Sections 302 and 404 Compliance.Chapter 6. Streamlining Documentation.Three Ideas to Improve Your Overall Documentation Process.Clearing the Clutter: How to Create and Maintain Meaningful Control Matrices.Using Relevant Financial Assertions for Planning Purposes.Financial Assertion Help for Non-Auditors.Techniques for Scrutinizing the Number of Key Controls.How to Reduce and Improve Controls with Standardization.Practical Ideas for Documentation at International Locations.How to Create an Effective Spreadsheet Control Program.How to Create Strong Financial Reporting Controls.Tools for Assessing Control Design.An Alternative to Gap Remediation.Three More Ideas for Improving Documentation.Chapter 7. Economical Testing Techniques.Testing Control Design and Operating Effectiveness.Practical Steps to Applying Guidance on the Nature, Timing and Extent of Testing.Suggestions for Testing Significant Manual and Non-Routine Transactions.Using Update Tests to Ease the Burden of Testing at Year-End.Five Ideas for the Timing of Control Tests.Types of Control Tests and When to Use Them.Why You Should Minimize the Use of Self-Assessment Tests.Maximizing Your Auditor's Reliance on the Work of Others.More Inspiration on Efficient Testing.Chapter 8. Methods for Remediation Madness.Do All Controls Have to Be Remediated?"For Now" Approach to Remediation.Creating Meaningful Remediation Plans.Nine Practice Tips for the Remediation Phase.Sufficient Periods for Remediated Controls.Steps to Prepare for Re-Testing.Project Management Tools for Remediation.Chapter 9. Taking the Mystery out of Evaluating Deficiencies.Deficiencies Defined.
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