1.5 CPE To re-establish investor confidence, the Sarbanes-Oxley legislation made executive certifications of financial statements a permanent requirement for all publicly traded companies in the U.S. In doing so, they introduced a newly defined term “disclosure controls and procedures.” This expanded the concept of Internal Controls over Financial Reporting.
Internal controls over financial reporting (ICFR) is mandated by the SEC for public firms to comply with the Sarbanes-Oxley Act of 2002. ICFR is essential for establishing public trust in capital markets and financial statement issuers.
SOX Section 302 became effective August 29, 2002. It stated:
“The executive certification requirement applies to companies filing quarterly/ annual reports with the SEC under Section 13(a) or 15 (d) of 1934 Exchange Act.” Since the implementation date for SOX 302 was well before SOX 404, many questions surfaced regarding the adequacy of procedures established. In addition, many companies have not significantly revisited their procedures since initially establishing them.
SOX Section 302 certification requirements are essential to proper financial reporting. All personnel should have a strong understanding of the requirements and their obligations related to SOX Section 302. This course is designed for CPAs to provide them with a deeper understanding of the requirements behind SOX Section 302, the meaning of the certifications required from management and an analysis of processes that should be continually re-evaluated for improvement.
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
Learning Objectives
- Discover background Section 302 requirements
- Explore other disclosure requirements
- Identify disclosure controls and procedures
- Explore the management process
- Recognize the differences between Sections 404 and Section 302
Last updated/reviewed: March 14, 2024
Included In Certifications
This course is included in the following Certification Programs:
16 CoursesSarbanes-Oxley (SOX) Certification
- Sarbanes Oxley Overview
- SOX: Authoritative Bodies
- Sarbanes-Oxley (SOX) Standards - Evolution
- Information Technology General Controls Primer
- COSO 2013 Overview
- Sarbanes-Oxley (SOX) Section 404
- Sarbanes-Oxley Section 302: ICFR
- Sarbanes-Oxley (SOX) And Fraud Sections
- Sarbanes-Oxley (SOX) - Top Down Risk Assessment Part 1
- Sarbanes-Oxley (SOX) - Top Down Risk Assessment Part 2
- Sarbanes-Oxley (SOX) - Entity Level Controls
- Sarbanes-Oxley (SOX) Identifying and Documenting Controls
- Sarbanes-Oxley (SOX) Testing
- Sarbanes-Oxley (SOX) - Assessing Data Impact
- XBRL - Connection to SOX 302/404 and Critical Roles
- Tools For Sarbanes-Oxley Compliance
18 CoursesFinancial Statement Preparation, Reporting and Auditing Certification
- Financial Statement Introduction
- GAAP Principles, Assumptions and Considerations
- GAAP Presentation of Financial Statements
- Management Discussion and Analysis (MD&A) Update
- Sarbanes Oxley Overview
- Sarbanes-Oxley Section 302: ICFR
- XBRL (Extensible Business Reporting Language) Introduction to Basics - Updated
- XBRL - Connection to SOX 302/404 and Critical Roles
- Analyzing Financial Ratios - Solvency, Liquidity and Debt
- Analyzing Financial Ratios - Leverage
- Analyzing Financial Ratios - Performance And Efficiency
- Financial Statement Audit in Accordance with GAAS - General Standards
- Financial Statement Audit in Accordance with GAAS - Conducting the Audit
- Financial Statement Audit in Accordance with GAAS - Auditors' Report and Opinion
- Introduction to Accounting for Income Taxes Based on Income
- Practical Application For Accounting For Income Taxes Based On Income Part 1
- Practical Application For Accounting For Income Taxes Based On Income Part 2
- FASB Codification Research System
109 Reviews (366 ratings)
Reviews
Anonymous
(Accountant)
The video content and slides do not match. The section labeled "Improvements" is in the slides but not reflected in the video, but the course navigation indicates improvement but the video content for that is "Management Requirements" when the video starts. This causes confusion. Also the material does not seem to clearly cover all the test questions.
Anonymous
(Sr Accountant Lead)
This course provided a lot of information for SOX 302. It's a good course in understanding the responsibilities of the CEO & CFO when signing off on the monthly financials. Everyone involved in the financial process would benefit from taking this course. Lynn did a great job as usual.
Anonymous
(Snr Accounting Consultant, CPA)
Another great course on Sarbanes-Oxley by Professor Lynn. She definitely does not disappoint. She reminded me of how SOX is not just about SOX 404 (though most expensive and time consuming) but other sections such as SOX 302. Thank you.
Anonymous
(Internal Auditor)
Good coverage of an unknown topic. The course is laid out nicely and easy to follow and understand the concepts. The comparison to 404 really enhances the differences between the two sections, but also how they are related.
Anonymous
(Internal Control Expert)
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.
Anonymous
(Lead IT Auditor)
This is another great course by Lynn Fountain. I recommend all of her courses. This course does a great job of explaining the history and requirements of Section 302 in contrast to Section 404.
Lilian Dendrinos
(consultant at DLC Group)
Lynn is a great presenter. Very organized and detailed approach to the subject. I recommend this class for both new individuals just learning about SOX and a refresher for us old timers.
Anonymous
(NFR Specialist III)
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.
Anonymous
(Accountant)
This class was helpful. I have spent more time on section 404 responsibilities and needed more background on the 302 requirements and how the two sections fit together.
Anonymous
(Specialist SOX Compliance)
I think this was lots of facts and just not in my specific area so it felt like lots of things to remember. But, I anyway gained a good basic understanding on 302!
Jennifer Spaulding
(SOX Reporting Manager at XOM)
Liked the 302 to 404 comparison. Would like a reference or "cheat sheet" page on taking the exception for acquired entities since there is limited SEC guidance.
Anonymous
(Director)
This course is full of information about SOX 302. The instructor never fails me, the course was outlined very well and explained everything in detailed.
Patricia Hawk
(Director of Internal Audit at Spirit of Texas Bank)
Lynn did a good job describing the difference between 302 and 404, about the disclosures and what was required to be in the disclosure (as far as wording).
Joy Franklin
(Auditor at Assurant)
This course was informative, and Lynn did a good job in her explanations and examples in order to bring this subject matter to an everyday understanding.
Mariem Issler
(Director Internal Control, Processes and.. at Thales)
This course provide a clear understanding of the SOX 302 and comparison with SOX 404, multiple example are being used to explain the disclosure process.
Anonymous
(Senior Analyst)
Perfect course.Stated learning objectives were met, stated prerequisite requirements were appropriate and sufficient and instructor was effective.
Anonymous
(Consultant)
This course discussed the requirements of section 302 and differences from section 404 concisely, however the test questions are a bit confusing.
Anonymous
(SVP Accounting and Internal Control)
This provided a helpful checklist of considerations. The emphasis on the 302 certification process being an iterative process was important.
Anonymous
(Controls Specialist)
A brilliant course by Lynn! It was good to have brought out both the similarities and differences and relationships between 302 and 404.
Anonymous
(Manager)
The course covers the main points of the SOX 302 requirements and explain the difference against the SOX 404, which is very useful too.
Katie Surratt
(Auditor II at Simmons Bank)
I don't like how they assumed we already took the 404 course. I did like how each are was broken down to key concepts and sections.
Aline Cristina Correa
( at Disney)
good course although in my opinion could focus a little bit more about the main differences between 302 and 404 wasnt totally clear.
Kelechi Nwogu
(Senior IT Auditor at Hilltop Holdings)
I was impressed at the simplicity of the content and the delivery as well. I consider myself well versed now on Section 302 of SOX
Cory Goodman
(Internal Auditor - Finance at Republic Finance)
The content of this course was presented clearly. The instructor was knowledgeable and contributed meaningfully to the material.
James Chuang
(Compliance Officer at Silverton Casino Hotel)
Good overview of SOX 302, including the history, the requirements, explanations of the key components, and relation to SOX 404.
Multimer Cayabyab
(Sr. Analyst at LCL)
The discussion was good, very informative and focus on the SOX 302. Also, it provided the differences between SOX 402 and 302.
Anonymous
(Manager SOX & Accounting)
Picked up a lot of good information that explained the importance of the Disclosure and Audit Committee and their function.
Brenda Dugan
(Financial Controls Compliance Manager at United Community Bank)
The instructor chanllenges ICFR competencies! This course is a must for any individual involved in financial compliance!
Anonymous
(Sr. Accountant)
another informative class. Section 302 is always and an extremely interesting subject and Lynn did not fail to deliver.
Eduardo Sola
(Finance Director at Clear Blue Insurance Group)
Very good training course to refresh Section 302. Certifications pushed down to funtional areas foster accountability.
Anonymous
(Internal controls manager)
I think that this course gave good food for thoughs when emphasizing the need to regularly revisit the 302 process!
Anonymous
(Internal Auditor)
This course provided a good overview of Sarbanes Oxley Section 302 and was very helpful in enhancing the knowledge.
Kevin Murray
(Business Partner - Strategic Projects at The Wesson Group)
A g.ood course on Section 302. I have been around 404 for years and learned a lot of new things with this course.
Anonymous
(N/A)
Another solid course. I think it's likely time to reassess SOX after 20 years - I'm sure it can be improved upon.
Anonymous
(IT Advisory Snr. Associate)
This course is interesting and highly informative. Nothing surprised me. Everyone will learn from this training.
Mags Goscinki
(Audit Manager at Travel & Leisure Co.)
This course really brought to light the differences between Section 404 and Section 302, in a very clear way.
Anonymous
(Senior Internal Auditor)
Section 302 was detailed to understand, 402 vs 302 can be side by side comparison to get more visibility.
Anonymous
(SVP & CFO)
Excellent overview of Sarbanes Oxley section 302 and how management can satisfy its compliance obligations!
Anonymous
(Consultant - Process Specialist)
I don't have an idea about the difference between SOX 302 and SOX 404 until I watched this training.
Anonymous
(SOX process manager)
Excellent and clear overview of the S302 requirements and their relation to S404. Highly recommended!
Anonymous
(CPA)
This course was excellent and provided very important information that I will utilize in the future.
Anonymous
()
It explains the difference between 404 and 302 and how to improve the 302 certification process.
Anonymous
(Audit Director)
Another good course. Appreciated how the material highlighted the differnces between 404 and 302
Erick Martinez
(Contractor at Self Employed)
great detail of the review by the instructor. Good explanation between the 302 vs 404 sections.
Anonymous
(Director of Finance)
Great summary of SOX Section 302 ICFR requirements fir internal control and financial reporting
Anonymous
(Unemployed)
Very organized. Great examples. All staff at management level or above should take this course.
Anonymous
(-)
Excellent discussion of 302 history, expectations, and challenges. Well-presented and concise.
Anonymous
(Senior Auditor)
This was a good overview of SOX section 302 / ICFR. Course content were clear and to the point
Michael Rogers
(Internal Auditor at Assurant)
Gave a good outline of an area that I've seen often but was not involved with significantly
Shupto Mahbub
(CFO at Shupto Mahbub)
Not as heavy as section 404 in materials, but substantial enough which was presented nicely
Anonymous
(R2R SOX Manager)
Very well documented section
Very well documented section
Very well documented section
Craig Scanlon
(Owner at BST)
Instructor does a nice job of giving enough detail and background supported by examples
Anonymous
(Development Controller)
Provided more detail than I was aware of on 302. Gave me some work to do. Good overall.
Anonymous
(Consultant)
Great overview of SOX 302 and good comparisons of the differences between 404 and 302.
Anonymous
(Senior Internal Auditor)
This course was very interesting. The instructor presented the course materials well.
Anonymous
(Manager)
very detailed and well organized slides.
very detailed and well organized slides.
Shreeya Srivastava
(IS/IT Internal Auditor at Nokia)
Very well-designed course and provide learner a brief learning about these topics.
Anonymous
(Internal Auditor)
Sarbanes-Oxley Section 302: ICFR - highlights the difference between 404 & 302
Jennifer Pawliw
(Staff Auditor 1 at Berkshire Bank)
Good course. Wish more time was spent on the differences between 404 and 302.
Daiane Cavalcante
(Jr Manager Accountant at Hookipa Pharma Inc)
Course was very straightforward and easy to follow, nothing else to be added.
Anonymous
(Treasury Manager)
Great course to understand the different aspects of the 302 and 404 sections.
Anonymous
()
Course is well developed, structured and presented. Good review information.
Mirwais Nazar Mohammad
(Senior Manager Finance at Ivanhoe Electric Corp.)
Information is effectively explained by the instructor with clear examples.
Anonymous
(Internal Auditor)
This a good course. Could have been shortened slightly. But well delivered.
Anonymous
(Accounts Associate)
Nice . It was good training. The explanation and the materials were good.
Anonymous
(Analyst)
I was surprised to learn section 302 was effective before section 404.
Anonymous
(Lead Auditor)
Good overview and introduction to SOX 302 and good delivery of material
Tanay Srivastava
(Sr IT/IS Auditior at Nokia)
Very good course, Its good to have a one presentation rather than many
Anonymous
(Reinsurance Accounting Manager)
Great course to present the differences between section 404 and 302.
Victor Fuentes
(Manager at RSM)
Good course to refresh on the requirements of the SOX certification.
Ginger Witte
(Director Internal Audit at Protective Insurance)
This course provides a good overview of Sarbanes Oxley Section 302.
Anonymous
(Senior Internal Auditor)
Very happy to take this course. Complete, concise, well developed.
TIMOTHY DONAHOE
(Administrator and Director Internal Cont.. at Timothy B. Donahoe CPA)
Excellent course well explained and meets the needs of the student
RICARDO CAMPOLINA DE TOLEDO
( at WPP)
Great course, it is a good overview of the SOX / ICFR regulation.
Anonymous
(Internal Auditor)
Good training providing an introduction and overview of SOX 302.
Tunde Vágó
(Internal Control Manager at Nokia)
Very good overview of differences between 302 and 404. Thank you.
Anonymous
(Director, Compliance and Insurance)
Excellent overview of the content and high level review of 404.
Anonymous
(Staff Operations Auditor)
This course is filled with a lot of information on Section 302.
Anonymous
(Senior Internal Auditor)
The way that the topic is explained is very easy to understand
Anonymous
(CFO)
This was a well-organized course. I would recommend to anyone.
Gabriel Sotero
(Associate at PwC)
The course was nice and concise being clear in its objective.
Maurine Dyer
(Sole Proprietor at MDyer Information Management)
Lynn does a great job on explaining SOX 302 and requirements.
Anonymous
(Internal Auditor)
Needed to re-read slides a few times to have them make sense!
Anonymous
(Sole Practitioner)
good for me and served my needs as a continuing cpa and cia
Brandon Devlin
( at ATS Automation)
I dont have anything else to give as feedback not applicable
Anonymous
(Internal Audit Manager)
Good overall refresher course to cover off on these areas.
Waqar Ali Shah
( at LRH)
Overall a good lecture on the requirements of section 302.
ERIC ABAIDOO
( at Tullow Oil)
It was an eye opener to what disclosure means and entails
Radhesh Pradhan
(Accounting Manager at DGN Technologies Inc)
Good course. Goes in to appropriate details to explain.
Donald Dye
(Partner at Skylake)
efficient and effective presentation of a tough subject.
Anonymous
(Business Compliance Manager)
Understandable, Worth the material, Easy learning, Simple
Sudhanshu Mewara
(Manager at KNAV PA)
I have completed the course and have no further comments.
George Welch
(Staff Accountant at Correct Care Solutions)
Good course and the pace of information given was great.
Sarah Nikas
(Finance Controls and Compliance Lead at Cargill)
Good description of the differences between 404 and 302.
Anonymous
()
Great discussion regarding purpose and importance of 302
Anonymous
(Sr. Accountant)
Found this to be the most understandable lesson so far.
Anonymous
(None)
Good coverage of 302 coupled with a comparison to 404.
Paulo Sitoe
(Internal Auditor at Nokia)
great summary of the differences between 302 and 404.
Anonymous
()
Oh boy - this was a difficult one. But we got there
Anonymous
(Senior Director - Revenue Management)
Effective review of 302 and introduction to ICFR.
Anonymous
(Consultant)
Great explanation of elements of SOX 302
Anonymous
(Consultant)
Good over view and insight.
James Gately
(CPA at Self-employed)
Great Presentation
Anonymous
(SOX Senior Auditor)
Very informative.
Jeff Wilhelm
(Director - Transaction Services at Yahoo!)
Great content.
Anonymous
(-)
Good overview.
Anonymous
(Fiscal Officer)
valued course
Vahé Hovakimian
(Financial Analyst at Great Place to Work Institute)
great!
Anonymous
(-)
.
Prerequisites
Course Complexity: Intermediate
No Advanced Preparation or Prerequisites are needed for this course.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
Course Questions and Answers(2 Questions)
Lynn FountainCPA, CGMA, CRMA, MBA, cPIA, Consultant, Author, Trainer
About Illumeo
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- Email: info@illumeo.com
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I know I am repeating myself, but the instructor is extremely thorough. All of the pieces are coming together for me at least. She is challenging my competency level! Bottom line, this course is essential for anyone involved in financial reporting compliance.
Glad you find this helpful