Remediating Material Weaknesses, Significant Deficiencies & Control Deficiencies—Practical Experiences Webinar
Overview
Big 4 and industry experts will discuss how to identify and evaluate a deficiency, as well as offer practical advice on how to remediate material weaknesses, significant deficiencies and control deficiencies. You will learn how to evaluate the severity of all identified control deficiencies to reach an overall conclusion as to whether control deficiencies, individually or in combination, are significant deficiencies or material weaknesses. In this webinar, we will explore:
- Trends in material weaknesses
- Effectiveness and sustainability
- Remediation
-
Maintenance
Objective
Financial professionals will get practical advice on how to remediate material weaknesses, significant deficiencies and control deficiencies, from Big 4 and industry experts.
Emphasis
-
Overview of Deficiencies
– Evaluation process required under PCAOB -
Recent Trends in Material Weaknesses
– Revenue recognition
– IT general controls
– Income taxes
– Improprieties/fraud assessment
– Business combinations
– Inventory -
Implications
– Increased management testing required
– Heightened scrutiny by external auditor
– Cost of compliance -
Remediation
– Program governance
– Control owner accountability
– IT scoping
– Monitoring
– Sustainability of environment -
Maintenance
– Lessons learned
– How to prevent new issues
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