This webinar will enhance your knowledge of SOX Section 404 (Sarbanes-Oxley Act Section 404) by helping you understand the elements of an internal controls system. Internal controls are a key part of any organization's continued growth, performance and success. With fraud at an all time high, a well designed internal control structure will enhance operations by improving your department's overall security and effectiveness. SOX Section 404 mandates that all publicly-traded companies must establish internal controls and procedures for financial reporting and must document, test and maintain those controls and procedures to ensure their effectiveness.
All annual financial reports must include an Internal Control Report stating that management is responsible for an "adequate" internal control structure and an assessment by management of the effectiveness of the control structure. Any shortcomings in these controls must also be reported. In addition, registered external auditors must attest to the accuracy of the company management assertion that internal accounting controls are in place, operational and effective. Management knows that without an effective internal control system in place, the organization may be open to fraudulent transactions, theft, hefty fines, penalties, stricter government laws and rules.
This world of globalization requires businesses to become more competitive by reducing resource wastefulness, setting directions and goals. An internal control management system will assist your company with optimization of these processes.
In this webcast, you will learn the processes of internal controls formulation and implementation including how to develop steps for internal controls, the internal control process, how to develop tools for testing and maintaining internal controls and how to benefit from these tools. This course will help to "find the dots" then "connect the dots" relating to Internal Controls.