{"product_id":"internal-control-strategies-9780470376195","title":"Internal Control Strategies","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003ePraise for Internal Control Strategies A Mid to Small Business Guide\u003cbr\u003e \u003cbr\u003e Internal Control Strategies is an excellent field guide for the implementation and maintenance of efficient and effective internal control systems. The book provides a practical approach to interpreting guidance from oversight agencies and integrating it with industry practice in a real-world environment. This handbook is an essential tool for managers and professionals going through the day-to-day struggle of managing auditor expectations and permitting business to proceed in the most efficient manner.\u003cbr\u003e -Michael Rodriguez, former senior manager of finance, Qualcomm Incorporated\u003cbr\u003e \u003cbr\u003e Internal Control Strategies is the clearest path forward for middle-market SEC registrants and their independent registered public accounting firms as they streamline the SOX 404 compliance process in 2008 and beyond.\u003cbr\u003e -Stephen G. Austin, MBA, CPA, Managing Firm Partner,Swenson Advisors, LLP, Regional PCAOB \u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003ePreface ix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Understanding the SEC’s Guidance for Management 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePurpose of Internal Control over Financial Reporting 1\u003c\/p\u003e \u003cp\u003eEvaluation Process 5\u003c\/p\u003e \u003cp\u003eReporting Considerations 12\u003c\/p\u003e \u003cp\u003eRule Amendments and other SEC Guidance Related to Internal Control over Financial Reporting 14\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 The PCAOB’s Auditing Standard No. 5 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEight Concepts to Focus the Audit on Matters Most Important to Internal Control 20\u003c\/p\u003e \u003cp\u003eNew Emphasis on Entity-Level Controls 28\u003c\/p\u003e \u003cp\u003eImportance of a Fraud Risk Assessment 29\u003c\/p\u003e \u003cp\u003eTips to Eliminate Unnecessary Procedures 30\u003c\/p\u003e \u003cp\u003eScaling Audits for Smaller Companies 36\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 SEC’s Guidance on a Risk-Based Approach 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHighlights of the SEC Staff Statement 40\u003c\/p\u003e \u003cp\u003eStaff’s Emphasis on Reasonable Assurance 41\u003c\/p\u003e \u003cp\u003eComments on Evaluating Internal Control Deficiencies 45\u003c\/p\u003e \u003cp\u003eDisclosures about Material Weaknesses 46\u003c\/p\u003e \u003cp\u003eInformation Technology Comments from the Staff 47\u003c\/p\u003e \u003cp\u003eCommunications with Auditors: An Unintended Consequence 48\u003c\/p\u003e \u003cp\u003eMessage for Small Business Issuers and Foreign Private Issuers 50\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Highlights of the PCAOB’s May 2005 Policy Statement 51\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePolicy Statement Highlights 52\u003c\/p\u003e \u003cp\u003eIntegrating the Financial and Internal Control Audits 52\u003c\/p\u003e \u003cp\u003eImportance of Professional Judgment 55\u003c\/p\u003e \u003cp\u003eTop-Down Approach and Role of Risk Assessment 56\u003c\/p\u003e \u003cp\u003eWhen Auditors Can Use the Work of Others 57\u003c\/p\u003e \u003cp\u003eAuditors’ Ability to Provide Advice to Audit Clients 57\u003c\/p\u003e \u003cp\u003eHow the PCAOB Inspections Help Drive Improvements 59\u003c\/p\u003e \u003cp\u003eA Final Comment 59\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Starting at the Top: Using Entity-Level Controls to Create Efficiencies 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat are Entity-Level Controls? 61\u003c\/p\u003e \u003cp\u003eHow Strong Entity-Level Controls Can Reduce the Scope of Your Program 62\u003c\/p\u003e \u003cp\u003eHow to Apply COSO’s Recent Internal Control Guidance 65\u003c\/p\u003e \u003cp\u003eHow to Create a Winning Control Environment 66\u003c\/p\u003e \u003cp\u003eSteps for Creating a Useful Risk Assessment Process 76\u003c\/p\u003e \u003cp\u003eControl Activities 85\u003c\/p\u003e \u003cp\u003eCreating an Effective Information and Communication Program 85\u003c\/p\u003e \u003cp\u003eHow to Implement Successful Monitoring Controls 90\u003c\/p\u003e \u003cp\u003eHow to Assign Roles and Responsibilities to Enhance Internal Controls 94\u003c\/p\u003e \u003cp\u003eSmall-Company Issues for Implementing Entity-Level Controls 98\u003c\/p\u003e \u003cp\u003eSummary of COSO’s Guidance for Smaller Public Companies 103\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Minimizing Excess through Proper Scoping and Planning Practices 105\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eScoping Analysis: Event or Process? 106\u003c\/p\u003e \u003cp\u003eHow to Determine Materiality for Scoping Purposes 106\u003c\/p\u003e \u003cp\u003eHow to Use a Top-Down, Risk-Based Approach to Reduce the Scope of Your Program 111\u003c\/p\u003e \u003cp\u003eMethods for Determining Significant Locations 116\u003c\/p\u003e \u003cp\u003eSpecific Areas Included and Excluded by the PCAOB 120\u003c\/p\u003e \u003cp\u003ePCAOB and SEC Guidance on Other Common Scoping Issues 123\u003c\/p\u003e \u003cp\u003eTips for Resource Planning and Developing Useful Timelines 124\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Advantageous Project Management Techniques 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11 Areas of Focus for the Second Year and Beyond 128\u003c\/p\u003e \u003cp\u003eHow to Increase Productivity with a Sound Management Approach 129\u003c\/p\u003e \u003cp\u003eAim for the Target Instead of the Way to Get There 130\u003c\/p\u003e \u003cp\u003eMore Project Management Tips 135\u003c\/p\u003e \u003cp\u003eStaffing Strategies 138\u003c\/p\u003e \u003cp\u003eRestructuring the Organizational Chart for Sustainability 144\u003c\/p\u003e \u003cp\u003eHow to Communicate Effectively through Emails, Meetings, and Advisories 148\u003c\/p\u003e \u003cp\u003eTactics for Dealing with Business Changes for Sections 302 and 404 Compliance 150\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Streamlining Documentation 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThree Ideas to Improve Your Overall Documentation Process 157\u003c\/p\u003e \u003cp\u003eClearing the Clutter: How to Create and Maintain Meaningful Control Matrices 159\u003c\/p\u003e \u003cp\u003eUsing Relevant Financial Assertions for Planning Purposes 161\u003c\/p\u003e \u003cp\u003eFinancial Assertion Help for Nonauditors 162\u003c\/p\u003e \u003cp\u003eTechniques for Scrutinizing the Number of Key Controls 163\u003c\/p\u003e \u003cp\u003eHow to Reduce and Improve Controls with Standardization 166\u003c\/p\u003e \u003cp\u003ePractical Ideas for Documentation at International Locations 168\u003c\/p\u003e \u003cp\u003eHow to Create an Effective Spreadsheet Control Program 169\u003c\/p\u003e \u003cp\u003eHow to Create Strong Financial Reporting Controls 172\u003c\/p\u003e \u003cp\u003eTools for Assessing Control Design 175\u003c\/p\u003e \u003cp\u003eAn Alternative to Gap Remediation 176\u003c\/p\u003e \u003cp\u003eThree More Ideas for Improving Documentation 177\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Economical Testing Techniques 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTesting Control Design and Operating Effectiveness 181\u003c\/p\u003e \u003cp\u003ePractical Steps to Applying Guidance on the Nature, Timing, and Extent of Testing 182\u003c\/p\u003e \u003cp\u003eSuggestions for Testing Significant Manual and Nonroutine Transactions 184\u003c\/p\u003e \u003cp\u003eUsing Update Tests to Ease the Burden of Testing at Year-End 186\u003c\/p\u003e \u003cp\u003eFive Ideas for the Timing of Control Tests 190\u003c\/p\u003e \u003cp\u003eTypes of Control Tests and When to Use Them 194\u003c\/p\u003e \u003cp\u003eWhy You Should Minimize the Use of Self-Assessment Tests 197\u003c\/p\u003e \u003cp\u003eMaximizing Your Auditors’ Reliance on the Work of Others 199\u003c\/p\u003e \u003cp\u003eMore Inspiration on Efficient Testing 210\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Methods for Remediation Madness 215\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDo All Controls Have to Be Remediated? 216\u003c\/p\u003e \u003cp\u003eFor-Now Approach to Remediation 217\u003c\/p\u003e \u003cp\u003eCreating Meaningful Remediation Plans 218\u003c\/p\u003e \u003cp\u003eNine Practice Tips for the Remediation Phase 218\u003c\/p\u003e \u003cp\u003eSufficient Periods for Remediated Controls 221\u003c\/p\u003e \u003cp\u003eSteps to Prepare for Retesting 222\u003c\/p\u003e \u003cp\u003eProject Management Tools for Remediation 223\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Taking the Mystery out of Evaluating Deficiencies 227\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDeficiencies Defined 228\u003c\/p\u003e \u003cp\u003eAnalytical Steps for Evaluating Deficiencies 230\u003c\/p\u003e \u003cp\u003eAre All Exceptions Considered Deficiencies? 235\u003c\/p\u003e \u003cp\u003eTechniques for Aggregating Deficiencies 237\u003c\/p\u003e \u003cp\u003eTypical Material Weaknesses 239\u003c\/p\u003e \u003cp\u003eUnique Nature of IT General Control Deficiencies 240\u003c\/p\u003e \u003cp\u003eMarket’s Reaction to Process Specific versus Pervasive Material Weaknesses 242\u003c\/p\u003e \u003cp\u003eHow to Improve Material Weakness Disclosures 244\u003c\/p\u003e \u003cp\u003eAS No. 4 and Reporting Whether a Previously Reported Material Weakness Still Exists 245\u003c\/p\u003e \u003cp\u003eSuccessful Communication of Deficiencies to Management and the Audit Committee 246\u003c\/p\u003e \u003cp\u003eSuggestions for Management’s Final Assessment Report 247\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Common Areas of Concern and How to Address Them 251\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eControl Options for the Use of Service Organizations 252\u003c\/p\u003e \u003cp\u003eWhat to Do with Mergers and Acquisitions Activities 258\u003c\/p\u003e \u003cp\u003eA Unique Solution for Managing the Tax Process 261\u003c\/p\u003e \u003cp\u003eHow to Minimize IT Developer Access to Production Issues 263\u003c\/p\u003e \u003cp\u003eWhat to Do When Your ERP System Is Not Compatible with Your Access Controls 264\u003c\/p\u003e \u003cp\u003eTips for Changing ERP Systems and Staying SOX Compliant 266\u003c\/p\u003e \u003cp\u003ePractical Ideas for Document Retention Requirements 267\u003c\/p\u003e \u003cp\u003eThoughts on Changing Accounting Firms 269\u003c\/p\u003e \u003cp\u003eAppendix A Simplified Sample Entity-Level Control Matrices 271\u003c\/p\u003e \u003cp\u003eAppendix B COSO’s Internal Controls Checklist for Entity-Level Controls 279\u003c\/p\u003e \u003cp\u003eAppendix C Standardized Period-End Process Control Matrix 283\u003c\/p\u003e \u003cp\u003eAppendix D PCAOB Staff Question-and-Answer Index 287\u003c\/p\u003e \u003cp\u003eAppendix E SEC Office of the Chief Accountant Frequently Asked Questions Index 291\u003c\/p\u003e \u003cp\u003eAppendix F Summary of Changes Made to Auditing Standard No. 2 and the Related New Guidance 295\u003c\/p\u003e \u003cp\u003eIndex 301\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49402317865303,"sku":"9780470376195","price":45.12,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780470376195.jpg?v=1730480053","url":"https:\/\/bookcurl.com\/products\/internal-control-strategies-9780470376195","provider":"Book Curl","version":"1.0","type":"link"}