Auditing Standard 5 Archives

#27 | Part 11 – Wrap Up for the External Auditor in Demystifying SOX 404 – Auditing Standard 5

Auditing Standards No. 5 has over 100 pages, which makes for very heavy reading. I’m going to make it easy for the beginner to understand. I do that by highlighting certain paragraphs, words and concepts. We are at the end of the series and we’re going to group six sections together to create what I call the “wrap-up for…

#26 | Part 10 – Deficiencies & Material Weaknesses in Demystifying SOX 404 – Auditing Standard 5

Welcome to part 10 of SOX 404: Auditing Standard 5 (AS5). AS 5 have over 100 pages so I’m going to make it easier to understand by talking through keywords and key concepts. In this session, we cover: Special Considerations for […]

#25 | Part 9 – Evidence to Get is Based on Risk in Demystifying SOX 404 – Auditing Standard 5

Welcome to part 9 of Auditing Standard 5.This training series gives context to SOX 404 requirements. In part 8, we talked about selecting controls to test, testing the design of controls and testing if the controls operate […]

#24 | Part 8 – Controls Testing, Design Effectiveness and Operating Effectiveness in Demystifying SOX 404 – Auditing Standard 5

Welcome to Part 8 of Auditing Standard No. 5. This segment focuses on the following: Selecting Controls to Test; Testing Design Effectiveness; and Testing Operating Effectiveness. This training gives context to SOX 404 requirements. This is meant to be easy to understand, especially for those with first time exposure to…

#23 | Part 7 – Understanding Likely Sources of Misstatement in Demystifying SOX 404 – Auditing Standard 5

Welcome to part 7 of Auditing Standard Number 5. This segment is Understanding Likely Sources of Misstatement. Because AS5 has over a hundred pages of heavy reading, I made it easier by breaking it down to smaller parts, giving you the cliff notes version to […]

#22 | Part 6 – Identifying Significant Accounts and Disclosures in Demystifying SOX 404 – Auditing Standard 5

Welcome to part 6 of Auditing Standard 5. This section is Identifying Significant Accounts and Disclosures and because AS5 has over a hundred pages of heavy reading, I want to make it easy to understand. So I am providing the cliff notes to…

#21 | Part 5 – Entity-level Controls in Demystifying SOX 404 – Auditing Standards 5

In this blog, you will learn more about identifying entity-level controls or ELCs as part of Auditing Standards No. 5. We discussed entity-level controls in part 4, but we’ll talk about it here in more detail. So if you want to learn more about SOX 404 requirements, then read on.

#20 | Part 4 – Top-Down Approach in Demystifying SOX 404 – Auditing Standards 5

Want a refresher on SOX Section 404 requirements without reading the entire Auditing Standard 5? Need a summary to AS5? This is part 4 of a series to de-mystify SOX 404. It covers the Using a Top-Down Approach which mentions: financial statement level …

#19 | Part 3 – Work of Others and Materiality in Demystifying SOX 404 – Auditing Standards 5

Welcome to Part 3 of Auditing Standard Number 5. AS5 has over a 100 pages which is really daunting to read for most people. I am going to make it easy to understand by focusing on key phrases. In this session we cover, Using the Work …

#18 | Part 2 – Fraud Risk in Demystifying SOX 404 – Auditing Standards 5

Want the cliff notes to Auditing Standard 5 without reading it? What is the role of risk assessment? What’s “the story” behind addressing the risk of fraud? I will go over all of this in part 2 of a series to de-mystify SOX 404. It will cover the following sections from the…