Certified Japanese Sarbanes Oxley Expert (CJSOXE), distance learning and online certification program

Overview

J-SOX is the unofficial term that refers primarily to Japan’s Financial Instruments and Exchange Law, and the guidelines that followed. Japanese and foreign companies listed in Japan are required to prepare and submit internal control reports on a consolidated basis.

The reach of J-SOX extends to subsidiaries outside Japan (in the USA and Europe for example), because the provisions apply to the company as a whole. The subsidiaries outside Japan are involved in the testing and documentation of internal processes and controls.

Objectives

The program has been designed to provide with the knowledge and skills needed to understand and support compliance with the Japanese Financial Instruments and Exchange Law and the guidelines that followed, and to become a Certified Japanese Sarbanes Oxley Expert (CJSOXE).

Target Audience

This course is highly recommended for managers, employees and consultants working for firms listed in Japan, especially those involved in the design and implementation of strategies, policies, procedures, risk assessments, control activities, testing, documentation, monitoring and reporting.

This course is also recommended for risk and compliance managers and employees working for international conglomerates.

Course Synopsis.

Introduction.
The CJSOXE exam.

Part 1: What is J-SOX?

The Financial Instruments and Exchange Act (FIEA).
The FIEA’s objectives.
Kanebo.
Livedoor.
Sarbanes-Oxley (SOX) and J-SOX.

FSA, SESC, CPAAOB.
The Financial Services Agency (FSA).
The Securities and Exchange Surveillance Commission (SESC).
The Certified Public Accountants and Auditing Oversight Board (CPAAOB).

Part 2: SOX vs. J-SOX.

FSA, Eleven Misunderstandings about the Internal Control Report System.
1. Is the Internal Control Report System identical to the one originally introduced by the Sarbanes-Oxley (SOX) Act in the United States?
2. Is additional documentation always necessary?
3. Do all business operations require internal controls?
4. Do even small and medium-sized companies need internal controls as required for large companies?
5. Is a company subject to punishments, if any deficiencies are found?
6. Does a management always need to comply with suggestions from its auditors or consultants?
7. Will auditing costs be doubled?
8. Is an unlisted company also required to design internal controls, when entering into transactions with listed companies?
9. Is the absence of a project team a problem?
10. Does a company need to finish the whole preparation by the effective date?
11. Does a company need to postpone modifications to an IT system scheduled around the end of a fiscal year?

Part 3: FSA, Corporate Governance Reforms.

General Principles of Japan’s Corporate Governance Code.
a. Securing the Rights and Equal Treatment of Shareholders.
b. Appropriate Cooperation with Stakeholders Other Than Shareholders.
c. Ensuring Appropriate Information Disclosure and Transparency.
d. Responsibilities of the Board.
e. Dialogue with Shareholders.

Japan’s Stewardship Code.
The principles of Japan’s Stewardship Code.

Part 4: The Financial Instruments and Exchange Act (FIEA) - Important sections.

Article 24-4-2, Submission of Confirmation Letter for Annual Securities Report. (Note: It is similar to SOX Section 302).
Article 24-4-4, System for Ensuring Appropriateness of Statements on Finance and Accounting and Other Information. (Note: It is similar to SOX Section 404).

FAQ on Financial Instruments and Exchange Act, July 2015, Financial Services Agency, Japan - Important questions.

Why was the Internal Control Report system introduced?
What are the details of the Internal Control Report system, and from when is it applied?
Are foreign companies also obligated to submit an Internal Control Report?
What are the standards for assessment and audit of the internal control over financial reporting?
What was the background behind the establishment of the standards and practice standards for assessment and audit concerning internal control over financial reporting?
What points should be kept in mind when operating the standards and practice standards for assessment and audit concerning internal control over financial reporting?
What is the scope of "internal control over financial reporting"?
How does the Japanese Internal Control Report system differ from the Internal Control Report system pertaining to financial reporting that was introduced in the United States by the Sarbanes–Oxley Act of 2002?
Are there penal provisions against those who violate provisions of Internal Control Reports?
Why was the Confirmation Letter system introduced concerning the contents of Annual Securities Reports, etc.?
What kind of system is the Confirmation Letter system?
Which companies are obligated to submit Confirmation Letters?
Are foreign companies also obligated to submit Confirmation Letters?
What kinds of disclosure documents require submission of a Confirmation Letter?
Which members of the management need to include their titles and names in the Confirmation Letter?

I. Basic Framework of Internal Control.
II. Assessment and Report on Internal Control Over Financial Reporting.
III. Audit on Internal Control Over Financial Reporting.

Basic framework of internal control.
Four objectives:
(i) effectiveness and efficiency of business operations,
(ii) reliability of financial reporting,
(iii) compliance with applicable laws and regulations relevant to business activities, and
(iv) safeguard of assets.

Six basic components:
(i) control environment,
(ii) risk assessment and response,
(iii) control activities,
(iv) information and communication,
(v) monitoring, and
(vi) response to IT.

FSA Statement, following the enactment of the Bill for Amendment of the Financial Instruments and Exchange Act, etc.
Case Study.

Part 5: Council Opinions.

On the Setting of the Standards and Practice Standards for Management Assessment and Audit concerning Internal Control Over Financial Reporting (Council Opinions).

Part 6: Practical Guidance.

Part 6: Practical Guidance for Audits of Internal Control over Financial Reporting (October 2007), from the Japanese Institute of Certified Public Accountants.

The intention of internal control audits.
(1) The objectives of internal control audits.
(2) The characteristics of the audit approach.
(3) The subject of internal control audits.

The relationship between the Financial Statement Audit and the Internal Control Audit.
(1) The combination of Financial Statement Audits with Internal Control Audits.
(2) Issues on using results of internal control audits in financial statement audits.
(3) Understanding management’s assessment of internal controls and audit planning.
(4) Procedures for evaluating assessment of the design/operation of internal controls.

The relationship between the Financial Statement Audit and the Internal Control Audit.
(1) The combination of Financial Statement Audits with Internal Control Audits.
(2) Issues on using results of internal control audits in financial statement audits.
(3) Understanding management’s assessment of internal controls and audit planning.
(4) Procedures for evaluating assessment of the design/operation of internal controls.
(5) Evaluation of the assessment of company-level controls and the period-end financial reporting process.
(6) The relationship between audit procedures for internal control audits and those for internal controls in financial statement audits.
(7) Impact of results of internal control audits on financial statement audits.
(8) The impact of the results of financial statement audits on internal control audits.
(9) Company Law audits and internal control audits.

Evaluation of the assessment of IT general control.
(1) Positioning of IT general control.
(2) Evaluation of the assessment of the IT general control.
(3) Evaluation of deficiencies in IT general control.

Material weakness in internal controls.
(1) Deficiencies in internal controls.
(2) Guidelines for determining material weakness.
(3) Control deficiencies for which examination is necessary to determine whether they constitute material weakness.
(4) In the case that there are multiple control deficiencies.
(5) Response in case management has identified a material weakness.
(6) Reporting and remediation of material weakness.
(7) Influences on the financial statement audit.

Case Study.
Closing.


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When you click "Buy Now" below, you will be redirected to the PayPal web site. Your payment will be received by our strategic partner and service provider, Cyber Risk GmbH (Rebackerstrasse 7, 8810 Horgen, Switzerland, Handelsregister des Kantons Zürich, Firmennummer: CHE-244.099.341). Cyber Risk GmbH may also send certificates to all members.

We will send the program up to 24 hours after the payment.

The all-inclusive cost is $297. There is no additional cost, now or in the future, for this program.

 

What is included in the price:

A. The official presentations we use in our instructor-led classes (442 slides).

B. The official presentations we use in the Certified Sarbanes Oxley Expert (CSOE) instructor-led classes (1,022 slides).

We send 3 emails. The first email has the two presentations of the CJSOXE program. Only these two presentations are needed for the CJSOXE exam. The two other emails have the presentations of the CSOE program (the US Sarbanes-Oxley Act and implementation). We strongly believe that a good understanding of the US Sarbanes-Oxley Act is very important, in order to understand the Japanese Sarbanes Oxley Expert (CJSOXE) program.

C. Up to 3 online exams.

There is only one exam you need to pass, in order to become a Certified Japanese Sarbanes-Oxley Expert (CJSOXE). If you fail, you must study again the official presentations, but you do not need to spend money to try again. Up to 3 exams are included in the price.

To learn more you may visit:

www.sarbanes-oxley-association.com/Questions_About_The_Certification_And_The_Exams_1.pdf

www.sarbanes-oxley-association.com/CJSOXE_Certification_Steps_1.pdf

D. Personalized certificate.

Processing and posting to your office or home via registered mail.


Frequently Asked Questions

1. How comprehensive are the presentations? Are they just bullet points?

Answer: The presentations are not bullet points, you can read them, understand, and learn. These are the official presentations we use in our instructor-led classes.

2. Do I need to buy books to pass the exam?

Answer: No. If you study the presentations, you can pass the exam. All the exam questions are clearly answered in the presentations.

If you fail the first time, you must study more. Print the presentations and use Post-it to attach notes, to know where to find the answer of a question.

3. Is it an open book exam? Why?

Answer: Yes, it is an open book exam. Risk and compliance management is not something you have to memorize, it is something you must understand and learn.

4. Do I have to sit for the exam soon after receiving the presentations?

Answer: No. You can sit for the exam from your office or home, any time in the future. Your account never expires and there is no restriction of any kind.

5. Do I have to spend more money in the future to remain certified?

Answer: No. Your certificate never expires. It will be valid, without the need to spend money or to sit for another exam in the future.

6. Ok, the certificate never expires, but things change.

Answer: Recertification would be a great recurring revenue stream for the association, but it would also be a recurring expense for our members. We resisted the temptation to "introduce multiple recurring revenue streams to keep business flowing", as we were consulted. No recertification is needed for our programs.

Things change, and this is the reason you need to become (at no cost) a member of the association. You will receive our monthly newsletter with updates, alerts and opportunities to stay current.

7. How many hours do I need to study to pass the exam?

Answer: It depends on your knowledge and experience. You must study the presentations at least twice, to ensure you have learned the details. The average time needed is about 37 hours (for both, the CSOE and the CJSOXE programs), but there are important differences.

8. I want to learn more about the online exam.

Answer: You will be given 90 minutes to complete a 35-question multiple-choice exam. You must score 70% or higher.

We do not send sample questions. If you study the presentations carefully, you can score 100%.

9. Why should I get certified?

Answer: After the failures of so many organizations during the recent crisis, firms and organizations hire "fit and proper" professionals who can provide evidence that they are qualified.

Companies and organizations need assurance that employees have the knowledge and skills needed to mitigate risks, and to accept more responsibility. Supervisors and auditors ask for independent evidence that the process owners are qualified, and that the controls can operate as designed, because the persons responsible for these controls have the necessary knowledge and experience.

The marketplace is clearly demanding qualified professionals in risk and compliance management. Certified professionals enjoy industry recognition and have more and better job opportunities.

It is important to get certified and to belong to professional associations. You prove that you are somebody who cares, learns, and belongs to a global community of professionals.

10. Why should I choose your certification program?

Answer: It is always good to investigate first. You should search for other programs, using any search engine.

We strongly believe that we offer the best value for money compared to all other training and certification programs that cover the Japanese Sarbanes-Oxley requirements:

1. The Sarbanes Oxley Compliance Professionals Association (SOXCPA) is the largest association of Sarbanes Oxley professionals in the world.

2. The all-inclusive cost of the program is very low. There is no additional cost for this program, now or in the future, for any reason.

3. There are 3 exams that are included in the cost of the program, so you do not have to spend money again if you fail.

4. No recertification is required. Your certificate never expires.

5. You become a member of the association, you get certified, and you receive monthly updates, news and alerts. If you search the web, you will not find the value for money offered by the SOXCPA.

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