The Financial Instruments and Exchange Law
(J-SOX)
from
the
Sarbanes Oxley
Compliance Professionals Association (SOXCPA)
the largest
Association of Sarbanes Oxley professionals in the world
Course Title
Compliance with the Financial Instruments and Exchange Law
(J-SOX)
Lessons Learned from the
Implementation of Sarbanes Oxley Act in the USA and the World
Target Audience:
The seminar has been
designed
to provide with
the knowledge and skills needed to understand and support J-SOX compliance.
Duration:
3 Days,
09:00 to 17:00 each day
Course Synopsis:
·
The Sarbanes Oxley Act
· The Need
·
US
federal legislation: Financial reporting or corporate governance?
·
The
Sarbanes-Oxley Act of 2002: Key Sections
·
SEC,
EDGAR, PCAOB, SAG
·
The Act
and its interpretation by SEC and PCAOB
·
PCAOB
Auditing Standards: What we need to know
·
Management's Testing
·
Management's Documentation
·
Reports
used to Validate SOX Compliant IT Infrastructure
·
Documentation Issues
·
Sections
302, 404, 906 and the three certifications
·
Sections
302, 404, 906: Examples and case studies
·
Management's Responsibilities
·
Committees and Teams
·
Project
Team – Section 404: Reports to Steering Committee
·
Steering
Committee – Section 404: Reports to Certifying Officers and
cooperates with Disclosure Committee
·
Disclosure Committee: Reports to Certifying Officers and cooperates
with Audit Committee
·
Certifying Officers and Audit Committee: Report to the Board of
Directors
·
Control
Deficiency
·
Deficiency in Design
·
Deficiency in Operation
·
Significant Deficiency
·
Material
Weakness
·
Is it a
Deficiency, or a Material Weakness?
·
Reporting Weaknesses and Deficiencies
·
Examples
·
Case
Studies
·
Public
Disclosure Requirements
·
Real
Time Disclosures on a rapid and current basis?
·
Whistleblower protection
·
Rulemaking process
·
Companies Affected
·
International companies
·
Foreign
Private Issuers (FPIs)
·
American
Depository Receipts (ADRs)
·
Types of
ADR programs
·
Employees Affected
·
Effective Dates
·
The
J-SOX: Financial Instruments and Exchange Law
·
The Need
·
Key
Sections
·
The
interpretations
·
From the
Securities
Act and Securities Exchange Act to Sarbanes Oxley in the United
States
·
From the
Securities
and Exchange Law to the Financial Instruments and Exchange Law
in Japan
·
Similarities and Differences between SOX and J-SOX
·
Lessons
learned from the implementation of Sarbanes Oxley in the USA
·
Lessons
learned from the implementation of Sarbanes Oxley in the world
·
Internal Controls Framework in the USA - COSO
·
The
Internal Control — Integrated Framework by the COSO committee
·
Using
the COSO framework effectively
·
The
Control Environment
·
Risk
Assessment
·
Control
Activities
·
Information and Communication
·
Monitoring
·
Effectiveness and Efficiency of Operations
·
Reliability of Financial Reporting
·
Compliance with applicable laws and regulations
·
IT
Controls
·
IT
Controls and Sarbanes Oxley Act Relevance
·
Program
Development and Program Change
·
Deterrent, Preventive, Detective, Corrective, Recovery,
Compensating, Monitoring and Disclosure Controls
·
Layers
of overlapping controls
Internal Controls Framework in Japan
·
COSO and
J-SOX
·
Differences in the compliance frameworks between Japan and the USA
·
The “Evaluation and Auditing
Standards for Internal Control For Financial Reports” (December
2005)
·
Four
high level objectives:
(1) effectiveness and efficiency of operations
(2)
reliable financial reports
(3) compliance with laws and regulations
(4) preservation of assets
·
Six
areas:
(1) control environment
(2) risk assessment
(3) control activities
(4) information and communication
(5) monitoring
(6) IT support
·
Differences in the compliance frameworks between Japan and the USA
Compliance
Challenges
·
Scope of Sarbanes Oxley Project
·
Discussing the scope with the external auditors
·
Assumptions
·
In or
out of scope?
·
Is it
relevant to Sarbanes Oxley?
·
Using
SOX as an excuse
·
Computer
Forensics Investigation?
·
Business
Intelligence?
·
Business
Continuity and Disaster Recovery?
·
Third-party service providers and vendors
·
Redefining outsourcing
·
Outsourcing services and Sarbanes Oxley compliance
·
The new
definition of outsourcing
·
Outsourcing after Sarbanes Oxley
·
Offshore
outsourcing is also redefined
·
Key
risks of outsourcing
·
What is
needed from vendors and service providers
·
SAS 70
·
Type I,
II reports
·
Advantages of SAS 70 Type II
·
Disadvantages of SAS 70 Type II
·
Working
with vendors and service providers
·
Sarbanes
Oxley and other compliance projects
· From
SOX to J-SOX
·
Multinational Enterprises (MNEs) and Compliance
·
Common
elements and differences of compliance projects
·
New
standards and Due Diligence challenges
·
Internal and External auditors, SOX and J-SOX
·
The
board of Directors, SOX and J-SOX
·
From
Sarbanes Oxley to J-SOX
Clients and
Testimonials
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