Sarbanes-Oxley Internal Controls: Effective Auditing with AS5, CobiT, and ITIL

Hardcover
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Author: Robert Moeller

ISBN-10: 0470170921

ISBN-13: 9780470170922

Category: Auditing

Praise for Sarbanes-Oxley Internal Controls: Effective Auditing with AS5, CobiT, and ITIL\ "Having managed several dozen consultants assisting numerous clients to become SOx compliant, I can say Bob Moeller truly knows his stuff. This book should be read as much as a technical reference source as for its value as a pragmatic how-to guide. It's packed with winning methods that can be implemented immediately."\ —Michael Shapow, Regional Vice President–Consulting ServicesRobert Half...

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Sarbanes-Oxley Internal Controls: Effective Auditing with AS5, CobiT, and ITIL is essential reading for professionals facing the obstacle of improving internal controls in their businesses. This timely resource provides at-your-fingertips critical compliance and internal audit best practices for today's world of SOx internal controls. Detailed and practical, this introductory handbook will help you to revitalize your business and drive greater performance.

Preface     xiIntroduction: Sarbanes-Oxley and Establishing Effective Internal Controls     1Changes Since SOx Was First Introduced     3Converging Trends: ITIL, CobiT, and Others     7Sarbanes-Oxley Act Today: Changing Perspectives     13Sarbanes-Oxley Act: Key Elements     14Impact of the Sarbanes-Oxley Act     51AS5 Standards for Auditing Internal Controls     53AS5 Objectives     54Reviewing Section 404 Internal Controls Under AS5: Introduction     57Planning the SOx AS5 Audit     59AS5's Top-Down Approach     66Testing Internal Controls     72Evaluating Identified Audit Deficiencies     75Wrapping Up the AS5 Audit     76Reporting on AS5 Audit Internal Controls     78Improving Internal Controls Using AS5 Guidance     79Going Forward: Potential Risks and Rewards     80Establishing Internal Controls Through COSO     83Importance of Effective Internal Controls     84Internal Control Standards: Background     86Events Leading to the Treadway Commission     90COSO Internal Control Framework     94Other Dimensions of the COSO InternalControl Framework     116Using CobiT Framework to Improve SOx Controls and Governance     119CobiT Framework     122Using CobiT to Assess Internal Controls     127CobiT and Sarbanes-Oxley     141Performing Section 404 Reviews Under AS5: An Ongoing Process     149SOx Section 404 Assessments of Internal Controls Today     150SOx Section 404 Requirements     152Section 404 Filing Rules: Changing Deadlines for Eligibility     168Gaps and Compliance Committees Under Today's SOx Rules     173Documenting Internal Controls Going Forward     178Control Objectives and Risks Under Section 404     180Other SOx Requirements: Sections 302, 409, and Others     183Other Important SOx Compliance Rules     184Section 302: Management's Financial Report Responsibilities     184Section 401: Off-Balance Sheet Disclosures     188Section 409: Disclosures on Financial Conditions and Operations     190Section 802: Penalties for Altering Documents     192Section 806: Whistleblower Provisions     193Keeping SOx Rules in Focus     201Using ITIL to Align IT with Business Processes     203Importance of the Information Technology Infrastructure     204ITIL Framework     206ITIL Service Delivery Best Practices     208ITIL Service Support Best Practices     221Security Management     237Linking ITIL with CobiT and SOx Internal Controls     239Importance of Enterprise Risk Management     241Importance of Risk Management     243COSO ERM Framework     247Other Dimensions of the COSO ERM Framework     270Putting It All Together     280Auditing COSO ERM Processes     281COSO ERM in Perspective     282International Standards: ISO, Quality Auditing, and SOx     285Importance of ISO Standards in Today's Global World     286ISO Standards Overview     289Quality Audit Process     301IFAC International Accounting Standards     310Internal Audit in a Sarbanes-Oxley Environment     315Profession of Internal Auditing     316Internal Audit Professional Standards     322CBOK: Internal Audit's Common Body of Knowledge     341Importance of Effective Corporate Governance     351Reporting Whistleblower Incidents: Establishing a Hotline Facility     352Building an Enterprise-Wide Ethical Culture     356Chief Compliance Officer Roles and Responsibilities     361Board of Directors and the Audit Committee     364Assessing SOx Internal Controls     366Index     369