Generally Accepted Auditing Standards (GAAS) are Standards against which the quality of audits are performed and judged. In the U.S., Standards are promulgated by the Auditing Standards Board (ASB), a division of the American Institute of Certified Public Accountants (AICPA). Since the passage of the Sarbanes-Oxley Act of 2002 (SOX), the Public Company Accounting Oversight Board (PCAOB) has developed standards for publicly traded companies. Sections 103(a)(2)(A) and SOX 404(b) of the SOX Act directed the Board to establish Professional standards governing the independent auditor's attestation and reporting on management's assessment of the effectiveness of Internal Control Over Financial Reporting (ICFR).
Auditing Standard 2 (AS2) was the initial standard released to provide public accounting firms guidance regarding the requirements to comply with Sarbanes Oxley. Due to the many difficulties faced by firms and issuers in the early years of compliance, the PCAOB released Auditing Standard 5 (AS5) in 2007 which superseded AS2. AS5 was designed to provide clearer guidance and eliminate some of the questions that had plagued firms and companies through the initial years of attestation. AS5 is the current auditing standard for SOX compliance. However, it is important to have an understanding of AS2, it’s expectations and challenges be able to appropriately scope and understand the transition to AS5. This course will provide an outline of both legislations and highlight the challenges and applications of the SOX standards. It is important for professionals to have a strong understanding of the concepts outlined in both auditing standards and the impetus for change that resulted in AS5. This course is designed to provide a strong understanding of these concepts.
Information within this course comes from readily available public domain documents and is utilized by the trainer as a supplement for relaying the course content.
Note: The concepts outlined in this course are up to date and relevant in regards to the Sarbanes-Oxley legislation. Although there have not been any changes in the legislative concepts of the law since it’s release in 2002, some aspects of executing the work have evolved. This speaker is preparing a series of courses titled “Sarbanes-Oxley 20 years later”. Those courses can be found individually on the platform and would be beneficial for anyone involved with compliance.
NOTE: The Instructor has created 5 new segments on Sarbanes-Oxley Update - 20 Years Later:
Sarbanes-Oxley Update - 20 Years Later: Accounting Risk Assessment Considerations
Sarbanes-Oxley Update - 20 Years Later: Sourcing Emerging Risks Part 1
Sarbanes-Oxley Update - 20 Years Later: Evaluating Testing Processes
Sarbanes-Oxley Update - 20 Years Later: Sourcing Emerging Risks Part 2
Sarbanes-Oxley Update - 20 Years Later: Examining Fraud Risks
Prerequisites
No Advanced Preparation or Prerequisites are needed for this course.
Learning Objective
- Explore the background of the Sarbanes-Oxley Act of 2002 (SOX) and recognize the purpose of SOX audit standards.
- Explore Auditing Standard 2 (AS2).
- Management assessment process, Top down approach
- Fraud, Terms, Entity level controls and walkthroughs
- Explore Auditing Standard 5 (AS5).
- Key changes, Top down approach
- Entity controls, Significant Accountants, Definitions
- Explore the Next Phase - The 2013 Committee of Sponsoring Organizations (COSO) Framework.
Last updated/reviewed: July 17, 2025
(145) Reviews
(122 rating)
Concise and direct course on the sections 806,902 qnd 906. Direct with great examples of how the sections work
Great presentation to understand the importance of HR within the budgeting and planning process of a Company.
This was an interesting introductory course into powerBI and its uses
This course was fairly comprehensive. I liked seeing the various software available and how it could be used.
Really great course. Professionally communicated and in an interesting way that provides insight as to the nature of the inner workings of the SEC and public companies in more ways than just accounting.
Great summarized course to understand the basics of a Board of Directors structure
I liked the presentation style and supporting slides. Very clear and understandable.
Found this to be the most understandable lesson so far.
This course is a very good material for beginners, but also experienced professionals. It is clearly and accessibly structured with key points brought to attention of the students.
clear course, well structured and explained. It helps a lot to understanding the evolution and how some current practices went live.
Principles of Ethical Team Leadership is an important part of corporate culture. learning the fundamental principles will increase the value of the company and benefit everyone involved
Well explained and excellent slides for future use. Well explained and excellent slides for future use.
Very high level and very repetitive. While it did provide the general intent of ITGCs, the presentation was a unfocused and confusing.
I think the instructor does a great job explaining the information and providing good examples.
very good presentation and helpful and I agree that it will further help me in my work and upgrade my skills and knowledge
Enjoyed this course and the additional insights from the instructor. Very clear and concise concepts. Would highly recommend to organizations or individuals needing more insight to the "SOX World".
Thinking of I.T. Controls in a whole new way to lock out others from accessing data they dont need
Course content was clearly presented. Reference materials effectively aided in understanding the content. Instructor was knowledgeable about the subject matter.
I have enjoyed so much this course, which I considered have an invaluable materials and knowledge to use as a permanent reference and to apply in SOX audit duties regularly. Thanks to Lynn for this magnificent and outstanding course because it will help me to achieve my professional goals in my Auditor career :)
Very informative course and great experience provided to learners
I enjoyed getting to now some of the automation areas that are being seen across SOX compliant companies.
I found the slides to be very interesting. Ms. Louis made the slides very engaging.
It is a very lengthy topic. I like it but it would be better if can have more detail of each subsection. Feel like it is not enough and wish to have more examples.
I have completed the course and have no further comments.
Thanks for the very comprehensive course in understanding expectations under SOX standards.
I liked how the course detailed and explained the traits and skills areas.
The course material explain the full scope of the IT and its relation to controls
Very nice summary Very nice summary Very nice summary Very nice summary
This was a great course to introduce me to features of excel that I have never used to give me a great understanding of how they might be used in practical everyday applications of Excel.
Enjoyed a refresher. Thank you for taking the time to create this informative course! I will look into your other SOX courses.
Amazing course! Very solid material to provide a broad understanding of how Fraud is managed according with SOX.
I liked the course because it introduces you to a short history of the regulations and how they developed over time.
Very helpful as starting a new position in SOX after coming from Audit
I am a CPA, but have been performing non financial audits for the past decade. This course was a great refresher.
Jim has a great teaching style making it easy to grasp the key concepts for this course. This was a very good refresher for me. Thank you Jim!
Enjoyed the course which Is exactly what I was seeking to begin educating myself about SOX and how SOX relates to EA/IA. Thanks for sharing your knowledge and expertise, Lynn!
A lot of material covered but nicely separated by topics.
This excellent course helps and encourages to use healthy scepticism to detect cash related fraud cases.
Material was a little hard to understand and retain. I would have liked more clarification
A helpful, tangible approach on the topic. Judgment and specific company factors play into a conclusion/position. The information within this webinar will be useful.
An excellent course on SOX Section 404! Perhaps a little discussion about what is meant by acceptable level" of risk and who determines it will surely be appreciated by those taking this course
Excellent course, the material and trainer were really clear even for those new in SOX world.
I learned a lot from this course and will highly recommend it!
The training videos was good and understandable. The PPT presented was clear .
These tools will provide assistance in the development and execution of SOX compliance procedures.
ExcelLent :) Well-structured and easy to study Text Based Course. Very useful supporting materials. Interesting info.
Dislike: The writing of the exam questions aren't as well written as the rest of the courses.
I liked how the course was laid out. It had very useful information presented in a logical manner. The instructor used real-world examples to make her point.
This a trending topic in current industries and gaining more focus for its use cases and utilization. The course provided a good introduction to this topic.
It was very well structured, well-paced and easy to follow training course. Structuring the course in segments as well as offering a continuous play option is perfect for any learning style. The examples given were good.
This is an excellent SOX topic that I have not previously seen covered before.
The learning activity was engaging and appropriate. It met my expectations.
Like in other webinars Lynn has, I loved how she goes deep in every slide using examples and/or making great observations for when you are in the process of RA. With that, you can see she is very knowledged in the subject she is teaching about.
The Course was very engaging and provided great examples of real life. The instructor is very enthusiastic and content is to the point.
The course is very informative and covers all necessary topics that are needed to be proficient in the Sarbanes Oxley. I highly recommend this course to individuals who wants to learn and understand SOX.
This was very helpful and I will definitely save these training materials if our department is ever called on to conduct an audit of the network. Currently we also have an Information Security team that is a second line of defense to our Internal Audit team.
Did not understand the section on controversy around Pitt & Webster. Seemed somewhat irrelevant
the course was very insightful and its very applicable to my technology area of practice
Insightful content with short videos which makes it easy to learn.
I would have liked a deeper dive on the SOX Testing Process and IT sections. IT was very general and didn't give a lot of specifics or depth. The control testing didn't even mention IPE. Would have liked more guidance on testing specifics. The background, explanation of legislation, auditing standards, COSO, etc were very beneficial.
Objectives Met, Appropriate requirements, Activties completed
This is an excellent course from Lynn Fountain! The real-life scenarios and current event considerations bring life to the topic.
I enjoyed the examples given in this course. These examples helped to bring all of the concepts that I am learning in the certification together!
Very meaningful and informative course gives a very good understanding on standard evolution.
Good refresher course to understand the concept of SOX
I am with a new company implementing a SOX program. While I had experience in SOX previous to this class, these lectures have provided new information, a great foundation, and good real world examples. I will likely be returning to the classes and handouts on a routine basis for guidance.
Very good course, Its good to have a one presentation rather than many
Very Informative. Comprehensive learning. Extensive material provided.
Excellent articulation of COSO 2013 principles that have provided better practical linkage. Only one improvement recommended is to include some more specific examples
Best point: understanding SEC vs PCAOB and AS2 to AS5
Simple, concise, and easy-to-understand summary of segment reporting.
Thank you for another great course that introduced the connection of COSO 2013 and fraud.
The tools (resources, downloadable material) in this are incredibly valuable - a great conclusion for this certification program.
Excellent detailed evaluation of top down risk assessment for Sarbanes Oxley.
This was an excellent and engaging course. It gave a simple, but wholistic introduction to the Sarbanes Oxley Act. Looking forward to watching the remaining courses in the certification.
This was the best section in my opinion. It really pulled together the details of each area discussed! The samples and explanations were easily understandable. This section has me feeling more confident!
I'm not really in the mood to write a review right now, but if I must I guess I'll say the course was good. Was that 50 characters?
Great Course. Very Motivating. Makes you think about what kind of leader you want to be.
Your courses have all been so wonderful, so informational, and so thorough--in short, greatly appreciated by me! Thank you for sharing your expertise, your wealth of knowledge, your inclusion of examples! I have greatly enjoyed reading and listening to all of your lectures thus far.
A lot to digest! Terms are essential in understanding concepts.
LOTS of good information! So much actually that I am sure that I need to come back to these slides many times to really understand this thoroughly. There are so many things to be taken into consideration. Good templates and examples.
great course, easy to read and follow along the way the text is written
Overall course contained very good information and history behind the "why?" we do all the work we do
Not all answers were in the slides. Some referred to additional webinars outside of the initial training content.
Thank you so much for this amazing course where I had the opportunity to learn so many interesting things that I will be able to apply in my daily routine.
Well detailed and properly explained concepts on fraud risk assessment. This is a good introduction into Fraud risk assessment and sets the expectations for beginners
i felt that the instructor gave her best effort to capture the new concepts of the standard.
Very helpful, however, too much theoretical information, years, reports
Thanks for this in-depth course. The course material is rich and the delivery, very excellent.
This was a good course. well delivered. Good job .
This course provided great background information regarding the history and need for SOX. It also helps explain the key requirements of SOX currently.
Great addition to illumeo. Really helps keep up with the Ethics requirement in a timely manner.
This entire section is new to me and is very technical. This would be helpful if you need to understand the basics of XBRL.
Excellent full package on SOX and COSO principles with key template to implement process in the organization.
Good review course. This was a solid refresher for something I have been away from for some time.
This course was a little boring solely based on nature of material, good job by Lynn to present boring material
The final module in this marathon of a course - 17 courses yet it was very well delivered and comprehensive. Job well done as I learnt a lot.
Provides a good insight into section 404 requirements
The explanation is very clear, straight to the point.
Very good and simplified course. It serves as a good refresher for people practicing SOX and ICFR only daily basis but serves as a good basis for people just starting to learn SOX.
The course provides a lot of history and information on SEC and PCAOB. I personally believe the course can be more concise.
This SOX 404 section possess good controls information.
The course was quick and simple. It allowed you to quickly understand the required information.
Overall good learning material. the XBRL vs SOX was really good learning in a way that shows link between them.
An important aspect that companies forget to look at because cyber attacks are seldomly experienced by them. Great refresher on how to react to cyber attacks
Simple and very usefulThe simplicity was surprising yet we overlook most of the tasks involved here
I like the material a lot. It gives a brief summary of SOX and its significance in a very concise manner. This is very brief introduction to anyone who wants the first level information on SOX compliance before going into a indepth understanding.
Awesome course, covers the process for ensuring that SOX controls are documented and tested as necessary. Materiality piece was great as well.
good course with good examples listed throughout the course
I thought the questions were less aligned to the information in the slide deck as they have been in other courses.
excellent walk through of the evolution of the AS supported by personal experience of the spaeker
Good overview of financial forecasting methods. Would recommend for beginners.
I have been working in the SOX/404 area of my internal audit department for a number of years and knew a lot of this at a certain (and varying) level/s - this course showed me where I need to focus more and filled in more gaps than I knew I had!
This course was excellent and provided important information that I will utilize in the future.
Excellent overview about temporary differences, very useful examples and exercises
Good, clear explanation of control activities with a more in-depth look at each principle and POF. The concepts are easy to understand with great examples provided.
this was alot of work but the slides and seminars made it much easier
This course provides a good overall view of what composes ethics and what influences it within an organization
I like how the instructor takes you through specific cycles to demonstrate proper SOD and problems if there is a lack of SOD.
This course emphasized the importance of corporate ethics and how it relates to each level of the organization. The course was very thorough on how to improve ethics and monitor the environment around you.
Great course specially regarding the differences between application controls and general controls.
GREAT synopsis for documenting internal controls. This course really refreshed some points that I am pursuing in my organization.
Well-organized. Very helpful for anyone teaching financial accounting.
This course is full of a lot of technical information. At times I found it hard to follow, but still finished having learned enough to have a reasonable understanding of the topic.
Good insight in personalities and leadership. Excellent explanations of human behavior
Having recently joined the RAAS team this was a very good opportunity to get familiar with RAAS procedures and audit phases. Really appreciated
This is a great overview of XBRL - I found it very technical having not covered the topic before but still managed to understand enough to pass the test. Lynn's presentation was clear and demonstrated her expertise in this area.
Great information! Easy to understand and overall meaningful content....
Very insightful and great suggestions for creating a mutually beneficial relationship between leader and subordinates.
This is the only course I have ever done on Illumeo that does not have a continuous playback option. The lack of this option combined with the bifurcation of the slides and the examples into a separate documents makes this course harder to follow that most other courses.
Good information, easy to understand. Overall enjoyed the whole course.
Very Good and Informative Refresher for Accounting Professionals.
Short albeit good review of T&E expenses.
A very interesting topic, another one they don't teach you in school.
Very informative
Excellent overview!
Excellent, great summary
Good overview of SEC Reporting
Excellent - gave me a good understanding of SOX by providing the history and timeline of the changes.
Good introductory course to the topic
I really enjoyed course. I would like to be able to see the correct answer for exam questions wrong.
Excellent course
Did not like questions about Apple. Numbers not in front of me.
excellent refresher
Good refresher on SEC Reporting and structure of reports
Lesson Questions and Answers0 Questions
INTRODUCTION and OVERVIEW
- Introduction to The Evolution of Sarbanes-Oxley (SOX) Auditing Standards 4:27
- Background 9:24
- Auditing Standard 2 6:53
Difficult Concepts
- Management's Assessment Process 9:45
- Definition of Terms 9:28
- Entity Level Controls and Walkthroughs 6:56
Evolution
- Evolution of Changes 12:20
- Top Down Approach 14:02
- The Bottom Line 8:49
CONCLUSION
- The Next Phase 8:16
CONTINUOUS PLAY
SUPPORTING MATERIALS
- Slides-The Evolution of Sarbanes-Oxley (SOX) Auditing Standards PDF
- The Evolution of Sarbanes-Oxley (SOX) Auditing Standards Glossary/Index PDF
REVIEW and TEST
- REVIEW QUESTIONS quiz
- FINAL EXAM exam
Ask the instructor a question about this lesson