The Sarbanes-Oxley (SOX) Section 302 Sub-Certification Process: Driving Down Responsibility for Internal Controls

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Description

As an initiative to re-establish investor confidence, the Sarbanes-Oxley Act of 2002 made executive certifications of financial statements a permanent requirement applicable to all publicly traded companies in the U.S. The CEO and CFO have always been responsible for and have been exposed to liabilities associated with financial and public reporting, specifically with establishing and maintaining internal controls. However, SOX has raised the stakes, whereby the risks are higher and the consequences are more severe. The implementation of a 302 sub-certification process downward to key employees with significant internal control roles is necessary to provide the CEO and CFO with the highest degree of confidence in the information. Ultimately, the 302 sub-certification process will allow the CEO and CFO to confidently sign off on company certifications filed with the Securities Exchange Commission on a quarterly and annual basis.

Event Details

Presentation Method: Web/Phone
Date: September 25, 2008
Length: 60 minutes including Q&A

Presented By

Carol Cesareo, CSOXP

Carol Cesareo is the Associate Director, Financial Compliance at PharmaNet Development Group, Inc. located in Princeton, New Jersey. Carol has 17 years of financial industry experience with a basis in corporate accounting and compliance. She has worked for such leaders in assurance services as KPMG and PriceWaterhouseCoopers. At PDGI, Carol implemented Sarbanes-Oxley 404 and created the Corporate Financial Compliance Group, which is responsible for process design and optimization, issue remediation, documentation, communication and training as based on the Committee of Sponsoring Organization’s Internal Control Framework ("COSO") and best practices. As a member of The GRC Group, Carol contributed to the Sarbanes-Oxley Body of Knowledge (SOXBoK) as a reviewer for sections 302 and 404 of the Act. Carol was also the recipient of the 2007 SOX MVP Award in Finance and Accounting, presented by the SOX Institute. Carol is a Certified Sarbanes Oxley Professional (CSOXP) and is a candidate for the CIA (Certified Internal Auditor) and CFE (Certified Fraud Examiner).

Key Topics

• Introduction to the 302 and 906 certification process
• Roll-Up Representation: The 302 sub-certification process and driving responsibility and accountability downward
• Internal Control Ownership: How far down is too far?
• How to implement the 302 sub-certification process
• Monitoring the success of 302 sub-certification process: Is it working?