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Darren Welker, CPA, CIA* presented information last week at the Northeast Regional Fiserv CBS Users' Conference. The CBS Users' Group consists of member financial institutions using the CBS banking application. The event was hosted by Adams County National Bank (ACNB) at its Operations Center in Gettysburg.
Darren presented an update on Section 404 of the Sarbanes Oxley Act of 2002 from Management's Perspective. Highlights included the May 23rd Securities Exchange Commission (SEC) approved interpretive guidance for management regarding its evaluation of internal control over financial reporting.
The guidance is based upon two principles - one related to evaluation of the design of internal controls and the other related to gathering and analyzing evidence about the operations of controls. These principles focus on a top-down, risk-based approach that incorporates increased reliance on entity-level controls and fraud risk considerations. The guidance is intended to assist companies in completing their annual evaluation in an effective and efficient manner.
Darren previously attended a Conference on the Sarbanes-Oxley Act in May, in Washington, DC.
*Certified Internal Auditor
| The Stambaugh Ness Risk Advisory and Outsourced Audit Team is available to assist companies with understanding, implementing and integrating the best practices described in this article. If you would like more information about the presentation or these services, please contact Darren Welker at 717-757-6999 or 800-745-8233 or email Darren by using the form below. |
Stambaugh Ness's Risk Management practice provides a broad range of value-added, risk-based services, including internal audit outsourcing, Sarbanes Oxley consulting, SAS-70s, internal control evaluations, fraud investigations, and acquisition assistance, with specialized knowledge and experience in the financial services, distribution and retail industries. The Risk Management practice also offers IT audit and assurance services, with a base of experience extending from core processing systems to large ERP systems, including SAP.
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