The objective of this course is to gain an understanding of the Sarbanes-Oxley Act and its impact on the internal auditor.
Lesson and Objectives |
Reading
Assignment |
| Sabarnes-Oxley and the New Internal Auditing Rules |
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1. Introduction |
Chapter 1 |
The learning objectives for this lesson are to gain an understanding of:
- Accounting and auditing scandals and internal audit
- What are the new rules?
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| 2. Internal Audit and the Sarbanes-Oxley Act |
Chapter 2 |
The learning objectives for this lesson are to gain an understanding of:
- Standards failure
- Key internal audit concerns
- Impact of the Act on the Modern Internal Auditor
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| 3. Heightened Responsibilities for Audit Committees |
Chapter 3 |
The learning objectives for this lesson are to gain an understanding of:
- Charters and other requirements
- Board's "Financial Expert" and internal audit
- Holping to establish documentation procedures
- Controlling other audit services
- Establishing open communications
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| 4. Launching an Ethics and Whistleblower Program |
Chapter 4 |
The learning objectives for this lesson are to gain an understanding of:
- Launching an organization ethics program
- Establishing a mission or values statement
- Codes of conduct
- Whistleblower and hotline functions
- Auditing the organization's ethics function
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| 5. COSO, Section 404, and Control Self-Assessments |
Chapter 5 |
The learning objectives for this lesson are to gain an understanding of:
- SOA Section 404
- COSO internal control framework
- Violation penalties
- Control self-assessments
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| 6. IIA, CobiT, and Other Professional Internal Audit Standards |
Chapter 6 |
The learning objectives for this lesson are to gain an understanding of:
- IIA standards for professional practice
- CobiT and information technology governance
- ASQ audit standards
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| 7. Disaster Recovery and Continuity Planning after 9/11 |
Chapter 7 |
The learning objectives for this lesson are to gain an understanding of:
- Business continuity planning
- Continuity planning and service-level agreements
- New technologies
- Establishing effective contingency polocies
- Building the disaster plannning business continuity plan
- Testing, maintaining, and auditing the continuity plan
- Continuity planning going forward
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| 8. Internal Audit Fraud Detection and Prevention |
Chapter 8 |
The learning objectives for this lesson are to gain an understanding of:
- Red flags
- Public accounting's new role in fraud detection
- IIA standards for detecting and investigating fraud
- Fraud investigations for internal auditors
- Information systems fraud prevention processes
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| 9. Enterprise Risk Management, Privacy, and Other Initiatives |
Chapter 9 |
The learning objectives for this lesson are to gain an understanding of:
- Enterprise risk management
- Other legislation impacting internal auditors
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| 10. Rules and Procedures for Internal Auditors Worldwide |
Chapter 10 |
The learning objectives for this lesson are to gain an understanding of:
- SOA international requirements
- International accounting and auditing standards
- COSO worldwide
- ISO and the standards registration process
- ITIL service support and delivery best practices
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| 11. Continuous Assurance Auditing Future Directions |
Chapter 11 |
The learning objectives for this lesson are to gain an understanding of:
- Implementing continuous assurance auditing
- Internet-based extensible mark-up languages
- Data warehouses, data mining, and OLAP
- Newer technologies, the continuous close, and SOA
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| 12. Internal Auditing Going Forward |
Chapter 12 |
The learning objectives for this lesson are to gain an understanding of:
- Future prospects for internal auditors
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1.Through the Sarbanes-Oxley Act (SOA), the entity that now has responsibility for setting public accounting policy is:
2.Which of the following is NOT listed as a specific situation that can trigger an SEC enhanced review of disclosures?
a.If this is an emerging company with significant disparities in its stock price to earnings ratio.
b.If the corporation has small market capitalization.
c.If the corporation has issued a material restatement of its financial results.
d.If there has been a significant volatility in stock prices compared to others.
