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1、达盟（上海）财务管理咨询有限公司TMFServicesLtd.TMFServicesLtd.1 1SOX Training Agenda1.1.Overview of Sarbanes-Oxley Act Overview of Sarbanes-Oxley Act 2.2.COSO Internal Control FrameworkCOSO Internal Control Framework3.3.What Could Go Wrong(Risk)What Could Go Wrong(Risk)4.4.Internal Control Internal Control 5.5.Typi

2、cal mistakes in control identificationTypical mistakes in control identification6.6.Risk and Control MappingRisk and Control Mapping7.7.Identification of Key ControlIdentification of Key Control8.8.Control DeficiencyControl Deficiency9.9.WalkthroughWalkthrough10.10.Test of ControlTest of Control11.1

3、1.Comparison between Walkthrough and Comparison between Walkthrough and Test of Test of ControlControl12.12.SOX Project OverviewSOX Project Overview13.13.SOX Documentation and Requirement SOX Documentation and Requirement 2 2Overview of Sarbanes Oxley Actn nGeneral Introduction to the Actn nWhat wer

4、e the Causes?n nIntroduction to Various Key Sections3 3Overview of Sarbanes Oxley ActThe Sarbanes-Oxley Act is a The Sarbanes-Oxley Act is a USUSlaw enacted by President law enacted by President Bush onBush onJuly 30,2002July 30,2002 formally known asformally known as“The Public Company“The Public C

5、ompany AccountingAccountingReform and Investor Reform and Investor ProtectionProtectionAct”(Act”(上市公司会计改革与投资者保护上市公司会计改革与投资者保护上市公司会计改革与投资者保护上市公司会计改革与投资者保护法案法案法案法案).4 4Overview of Sarbanes Oxley ActWhatweretheCauses?:1.1.Why enact Sarbanes-Oxley?Why enact Sarbanes-Oxley?EnronEnron WorldComWorldComvvRe

6、storeInvestorConfidenceRestoreInvestorConfidencevvIncreasedTransparencyIncreasedTransparencyvvReformAccountingIndustryReformAccountingIndustry2.2.Protecting the interests of:Protecting the interests of:-vvShareholdersShareholdersvvPensionbeneficiariesPensionbeneficiariesvvEmployeesEmployees5 5Overvi

7、ew of Sarbanes Oxley ActWhat the Act did:What the Act did:Added new financial disclosure Added new financial disclosure requirementsrequirements Increased CEO/CFO responsibilities and Increased CEO/CFO responsibilities and penalties penalties Created a Public Company Accounting Created a Public Comp

8、any Accounting OversightOversight Board(PCAOB),with standard-setting,Board(PCAOB),with standard-setting,investigative,and disciplinary authority investigative,and disciplinary authority Strengthened auditor independence Strengthened auditor independence rulesrules Added internal control reporting Ad

9、ded internal control reporting requirementrequirement6 6Overview of Sarbanes Oxley ActThe Act contains 11 titles with various The Act contains 11 titles with various sections:sections:TitleI:PublicCompanyAccountingOversightBoardTitleI:PublicCompanyAccountingOversightBoardTitleII:AuditorIndependenceT

10、itleII:AuditorIndependenceTitleIII:CorporateResponsibilityTitleIII:CorporateResponsibility(Section302)(Section302)TitleIV:EnhancedFinancialDisclosuresTitleIV:EnhancedFinancialDisclosures(Section404)(Section404)TitleV:AnalystConflictsofInterestTitleV:AnalystConflictsofInterestTitleVI:CommissionResour

11、cesandAuthorityTitleVI:CommissionResourcesandAuthorityTitleVII:StudiesandReportsTitleVII:StudiesandReportsTitleVIII:CorporateandCriminalFraudAccountabilityTitleVIII:CorporateandCriminalFraudAccountabilityTitleIX:White-collarCrimePenaltyEnhancementsTitleIX:White-collarCrimePenaltyEnhancements(Section

12、(Section906)906)TitleX:CorporateTaxReturnsTitleX:CorporateTaxReturnsTitleXI:CorporateFraudandAccountabilityTitleXI:CorporateFraudandAccountability7 7Overview of Sarbanes Oxley ActSection 404 requirement:Section 404 requirement:Requires each annual report to contain an“internal control Requires each

13、annual report to contain an“internal control report”,report”,which must include:which must include:1.A statement of 1.A statement of managements responsibilitymanagements responsibility for for establishing andestablishing andmaintaining adequate maintaining adequate internal controls over financial

14、 internal controls over financial reporting;reporting;2.Managements 2.Managements assessment of theassessment of the effectivenesseffectiveness of the of the companyscompanysinternal control over financial reporting as of the end of theinternal control over financial reporting as of the end of theco

15、mpanys most recent fiscal year;companys most recent fiscal year;3.A statement identifying the 3.A statement identifying the frameworkframework used by used by management tomanagement toevaluate the effectiveness of the internal control over evaluate the effectiveness of the internal control over fin

16、ancialfinancialreporting;andreporting;and4.A statement that the external auditor has issued an 4.A statement that the external auditor has issued an attestation report attestation report on managements assessment.on managements assessment.8 8Overview of Sarbanes Oxley ActTheSECsfinal404rulespreclude

17、managementfromTheSECsfinal404rulesprecludemanagementfromconcludingconcludingthetheeffectivenesseffectivenessoftheinternalcontroloverfinancialoftheinternalcontroloverfinancialreportingreportingifoneormore“materialweakness”isidentified.ifoneormore“materialweakness”isidentified.Therulesalsorequiremanag

18、ementtodiscloseanyTherulesalsorequiremanagementtodiscloseany“materialweaknesses”identifiedinthecourseofthe“materialweaknesses”identifiedinthecourseoftheevaluation.evaluation.9 9Overview of Sarbanes Oxley ActDeadline for Implementation of SOX 404 Deadline for Implementation of SOX 404 Requirement:Req

19、uirement:CompanyTypeCompanyTypeUpdatedDeadlineUpdatedDeadlineOldDeadlineOldDeadline U.S.CompanyandU.S.Companyandacceleratedfilersacceleratedfilers ForeignprivateForeignprivateissuersandnon-issuersandnon-acceleratedfilersacceleratedfilers TheCompanywithTheCompanywithaggregatemarketaggregatemarketvalu

20、eofcommonvalueofcommonequitylowerthanequitylowerthanUSD$75millionUSD$75million AnnualreportforaAnnualreportforafiscalyearendingfiscalyearendingonorafterNov.onorafterNov.15,2004(revised15,2004(revisedinFeb.2004)inFeb.2004)AnnualreportforaAnnualreportforafiscalyearendingfiscalyearendingonorafterJuly15

21、,onorafterJuly15,2006(revisedin2006(revisedinMar.2005)Mar.2005)AnnualreportforaAnnualreportforafiscalyearendingfiscalyearendingonorafterJuly15,onorafterJuly15,2007(revisedin2007(revisedinSep.2005)Sep.2005)AnnualreportforaAnnualreportforafiscalyearendingfiscalyearendingonorafterJuneonorafterJune15,20

22、0415,2004 AnnualreportforaAnnualreportforafiscalyearendingfiscalyearendingonorafterJuly15,onorafterJuly15,20052005 AnnualreportforaAnnualreportforafiscalyearendingfiscalyearendingonorafterJuly15,onorafterJuly15,200520051010Overview of Sarbanes Oxley ActA company becomes an“accelerated filer”(A compa

23、ny becomes an“accelerated filer”(加速呈报加速呈报加速呈报加速呈报公司公司公司公司)after it first meets ALL 4 of the following after it first meets ALL 4 of the following requirements as of the end of a fiscal year:requirements as of the end of a fiscal year:TheaggregatemarketvalueofcommonequityisUSD$75Theaggregatemarketval

24、ueofcommonequityisUSD$75millionormore,measuredasoftheendofthemillionormore,measuredasoftheendofthecompanyssecondfiscalquarter;companyssecondfiscalquarter;ThecompanyhasbeensubjecttotherequirementsoftheThecompanyhasbeensubjecttotherequirementsoftheSecuritiesExchangeActforatleast12monthsasoftheSecuriti

25、esExchangeActforatleast12monthsasoftheendofthefiscalyear;endofthefiscalyear;ThecompanyhasfiledatleastoneannualreportonFormThecompanyhasfiledatleastoneannualreportonForm10-K;and10-K;and ThecompanyisnoteligibletouseForm10-KSBandFormThecompanyisnoteligibletouseForm10-KSBandForm10-QSBforitsannualandquar

26、terlyreportsasoftheend10-QSBforitsannualandquarterlyreportsasoftheendofthefiscalyearofthefiscalyear1111SOX Training Agenda1.1.Overview of Sarbanes-Oxley Act Overview of Sarbanes-Oxley Act 2.2.COSO Internal Control FrameworkCOSO Internal Control Framework3.3.What Could Go Wrong(Risk)What Could Go Wro

27、ng(Risk)4.4.Internal Control Internal Control 5.5.Typical mistakes in control identification Typical mistakes in control identification6.6.Risk and Control MappingRisk and Control Mapping7.7.Identification of Key ControlIdentification of Key Control8.8.Control DeficiencyControl Deficiency9.9.Walkthr

28、oughWalkthrough10.10.Test of ControlTest of Control11.11.Relationship between Walkthrough and Relationship between Walkthrough and Test of Test of ControlControl12.12.SOX Project OverviewSOX Project Overview13.13.SOX Documentation and Requirement SOX Documentation and Requirement 1212COSO Internal C

29、ontrol FrameworkCOSO:The Committee of Sponsoring Organizations of COSO:The Committee of Sponsoring Organizations of the the Treadway Commission(Treadway Commission(美国反对虚假财务报告委员会美国反对虚假财务报告委员会美国反对虚假财务报告委员会美国反对虚假财务报告委员会的赞的赞的赞的赞 助委员会助委员会助委员会助委员会/美国反欺诈性财务报告委员会管理组织美国反欺诈性财务报告委员会管理组织美国反欺诈性财务报告委员会管理组织美国反欺诈性财

30、务报告委员会管理组织)COSOwasoriginallyformedin1985tosponsortheNationalCommissiononCOSOwasoriginallyformedin1985tosponsortheNationalCommissiononFraudulentFinancialReporting,anindependentprivatesectorinitiativewhichFraudulentFinancialReporting,anindependentprivatesectorinitiativewhichstudiedthecausalfactorsthat

31、canleadtofraudulentfinancialreportingandstudiedthecausalfactorsthatcanleadtofraudulentfinancialreportinganddevelopedrecommendationsforpubliccompaniesandtheirindependentdevelopedrecommendationsforpubliccompaniesandtheirindependentauditors,fortheSECandotherregulators,andforeducationalinstitutions.audi

32、tors,fortheSECandotherregulators,andforeducationalinstitutions.TheNationalCommissionwasjointlysponsoredbyfivemajorprofessionalTheNationalCommissionwasjointlysponsoredbyfivemajorprofessionalassociationsintheUnitedStates,theAmericanAccountingAssociation,theassociationsintheUnitedStates,theAmericanAcco

33、untingAssociation,theAmericanInstituteofCertifiedPublicAccountants,FinancialExecutivesAmericanInstituteofCertifiedPublicAccountants,FinancialExecutivesInternational,TheInstituteofInternalAuditors,andtheNationalAssociationInternational,TheInstituteofInternalAuditors,andtheNationalAssociationofAccount

34、ants(nowtheInstituteofManagementAccountants).TheofAccountants(nowtheInstituteofManagementAccountants).TheCommissionwaswhollyindependentofeachofthesponsoringorganizations,Commissionwaswhollyindependentofeachofthesponsoringorganizations,andcontainedrepresentativesfromindustry,publicaccounting,investme

35、ntandcontainedrepresentativesfromindustry,publicaccounting,investmentfirms,andtheNewYorkStockExchange.firms,andtheNewYorkStockExchange.TheChairmanoftheNationalCommissionwasJamesC.Treadway,Jr.,TheChairmanoftheNationalCommissionwasJamesC.Treadway,Jr.,ExecutiveVicePresidentandGeneralCounsel,PaineWebber

36、IncorporatedandExecutiveVicePresidentandGeneralCounsel,PaineWebberIncorporatedandaformerCommissioneroftheU.S.SecuritiesandExchangeCommission.aformerCommissioneroftheU.S.SecuritiesandExchangeCommission.(Hence,thepopularnameTreadwayCommission).Currently,theCOSO(Hence,thepopularnameTreadwayCommission).

37、Currently,theCOSOChairmanisLarryE.Rittenberg.ChairmanisLarryE.Rittenberg.1313How is COSO related to SOX 404?How is COSO related to SOX 404?GuidancefromSECprovidesthatmanagementisGuidancefromSECprovidesthatmanagementisrequiredtobaseitsassessmentofthecompanysrequiredtobaseitsassessmentofthecompanysint

38、ernalcontroloverfinancialreportingonasuitableinternalcontroloverfinancialreportingonasuitableandrecognisedcontrolframework.andrecognisedcontrolframework.COSOFrameworktohelpclientassesstheCOSOFrameworktohelpclientassesstheeffectivenessoftheinternalcontrolenvironmentandeffectivenessoftheinternalcontro

39、lenvironmentandhenceachievecompliancewithSOX404.henceachievecompliancewithSOX404.COSO Internal Control Framework1414COSO Internal Control FrameworkThe integrated framework defined by COSO:The integrated framework defined by COSO:InternalControl-IntegratedInternalControl-IntegratedFramework(issuedin1

40、992)Framework(issuedin1992)EnterpriseRiskManagement-EnterpriseRiskManagement-IntegratedFramework-IntegratedFramework(issuedinSep.2004)(issuedinSep.2004)1.Controlenvironment1.Controlenvironment1.Internalenvironment1.Internalenvironment2.Objectivesetting2.Objectivesetting3.Eventidentification3.Eventid

41、entification2.Riskassessment2.Riskassessment4.Riskassessment4.Riskassessment5.Riskresponse5.Riskresponse3.Controlactivities3.Controlactivities6.Controlactivities6.Controlactivities4.Informationand4.Informationandcommunicationcommunication7.Informationand7.Informationandcommunicationcommunication5.Mo

42、nitoring5.Monitoring8.Monitoring8.Monitoring1515COSO Internal Control Framework1616The control environment sets the tone The control environment sets the tone of an organization,influencing the of an organization,influencing the control consciousness of its peoplecontrol consciousness of its people

43、Integrity&EthicalValuesIntegrity&EthicalValues CommitmenttoCompetenceCommitmenttoCompetence BoardofDirectors/AuditBoardofDirectors/AuditCommitteeCommittee ManagementsPhilosophy&ManagementsPhilosophy&OperatingStyleOperatingStyle OrganizationalStructureOrganizationalStructure AssignmentofAuthority&Ass

44、ignmentofAuthority&ResponsibilityResponsibility HumanResourcePolicies&HumanResourcePolicies&PracticesPracticesCOSO Internal Control Framework1717n nEvery entity faces a variety of risks from external Every entity faces a variety of risks from external and internal sources that must be assessed.and i

45、nternal sources that must be assessed.n nA pre-condition of risk assessment is the A pre-condition of risk assessment is the establishment of objectives.establishment of objectives.n nRisk assessment if the identification and analysis of Risk assessment if the identification and analysis of relevant

46、 risks to achievement of the objectives,thus relevant risks to achievement of the objectives,thus forming a basis for determining how the risks should forming a basis for determining how the risks should be managed.be managed.COSO Internal Control Framework1818Control activities are policies and pro

47、cedures that Control activities are policies and procedures that help ensure management directives are carried outhelp ensure management directives are carried out EnsuresthatactionsaretakentoaddressEnsuresthatactionsaretakentoaddresstheriskstherisks TheseactionsarecarriedoutatalllevelsofTheseaction

48、sarecarriedoutatalllevelsoftheorganisationandincludearangeoftheorganisationandincludearangeofactivitiessuchasapprovals,authorisations,activitiessuchasapprovals,authorisations,verifications,reconciliations,segregationofverifications,reconciliations,segregationofdutiesetc.dutiesetc.COSO Internal Contr

49、ol Framework1919Pertinent information must be identified,captured and Pertinent information must be identified,captured and communicated in a form and timeframe that supports all other communicated in a form and timeframe that supports all other control componentscontrol components InformationInform

50、ation Obtainingexternal&internalinformationObtainingexternal&internalinformation ProvidinginformationtotherightpeopleattherighttimeProvidinginformationtotherightpeopleattherighttime Development/revisionofinformationsystemsDevelopment/revisionofinformationsystems CommunicationCommunication External&i