Johnson Global Accountancy to partner with PLI

LOS ANGELES - April 15, 2021 - PRLog -- Joe Lynch, JGA Managing Director, and Dane Dowell, JGA Director are excited to partner with George Wilson, PLI SEC Institute Director, for Analyzing and Remediating Internal Control Over Financial Reporting Deficiencies, a one-hour virtually briefing on May 3rd at 1pm EDT.

This briefing will focus on the impact of deficiencies in internal control over financial reporting, the complexities of evaluating the severity of an ICFR deficiency, and the challenges of building an effective control remediation plan.

"The more I work with clients, the more I realize how difficult it can be for auditors to effectively conclude on the severity of ICFR deficiencies" stated Dane. "Trying to balance the nuances of maintaining a client relationship, but also independently conclude on the severity of a control deficiency, which could be a material weakness, is not easy. That's why it's important to educate both management and auditors about the relevant considerations when evaluating deficiencies."

"I continue to see teams struggle to incorporate ITGC deficiencies into the evaluation process," said Joe. "The pervasive nature of systems and applications supporting key business processes often leads to IT deficiencies with a large potential magnitude. The need to identify and include all associated business processes supported by an application with deficiencies becomes complex."

Topics for this program will include:

• Discussing the ownership of internal controls and testing over design and operating effectiveness of internal controls
• Determining if a control deficiency is a material weakness or a significant deficiency
• Evaluating the severity control deficiencies in aggregation
• Evaluating the effect of control deficiencies on the substantive audit
• Building a specific plan to remediate control deficiencies
• Testing strategies to determine the success of remediation plans
• Making appropriate communications about control deficiencies and remediation

Joe Lynch is Managing Director at Johnson Global Accountancy who works with PCAOB-registered accounting firms to help them identify, develop, and implement opportunities to improve audit quality. With over 17 years of experience in the auditing industries with a focus on technology, Joe works with public and private companies, and public accounting firms to implement and integrate technology into financial processes and improve the audit integration of engagement teams which enhances financial reporting and audit quality.

Dane Dowell is a Director at Johnson Global Accountancy who works with PCAOB-registered accounting firms to help them identify, develop, and implement opportunities to improve audit quality. With over 12 years of public accounting experience, he spent nearly half of his career at the PCAOB where he conducted inspections of audits and quality control. Dowell has extensive experience in audits of ICFR and has worked closely with attorneys in the PCAOB's Division of Enforcement and Investigations.

Register for this briefing here: https://bit.ly/3tmRy0k

Learn more about Johnson Global at www.jgacpa.com.