Homework Answers
Answer -
After passage of the Sarbanes-Oxley Act of 2002, CEOs and CFOs must certify that financial statements give a fair presentation of the company's operating results.
Hence, Option - (A) is Correct.
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Question 10 View Policies Current Attempt in Progress After passage of the Sarbanes-Oxley Act of 2002...
The Sarbanes-Oxley Act does all of the following except A. require that auditors must certify that...
The Sarbanes-Oxley Act does all of the following except A. require that auditors must certify that the financial statements and company disclosures are appropriate and fairly presented. B. require disclosure that a code of ethics exists for senior financial officers. C. require that CEOs and CFOs must forfeit bonuses if there is a restatement of their company’s accounting disclosures. D. require independence and financial expertise for members of the audit committee.
Select the appropriate provisions of the Sarbanes-Oxley Act (SOX) for each of the following descriptions. Descripti...
Select the appropriate provisions of the Sarbanes-Oxley Act (SOX) for each of the following descriptions. Descriptions Major Provisions of the Sarbanes-Oxley Act a. Executives must personally certify the company's financial statements. Audit firm cannot provide a variety of other services to its client such as investment advising. PCAOB establishes standards related to the preparation of audited financial reports d. Lead audit partners are required to change every five years. o Management must document the effectiveness of procedures that could affect...
When Congress passed the Sarbanes-Oxley Act, it imposed greater regulation on public companies and their external...
When Congress passed the Sarbanes-Oxley Act, it imposed greater regulation on public companies and their external auditors and required increased accountability. Which of the following is not provision of the act? The CEO and CFO must certify the fair presentation of the financial statements. Management must establish and document internal control procedures. Auditors and not management must attest to the effectiveness of the internal control structure. The company’s officers may not serve on the audit committee.
The Sarbanes-Oxley Act of 2002 authorized the SEC to issue implementation rules on many of its...
The Sarbanes-Oxley Act of 2002 authorized the SEC to issue implementation rules on many of its provisions intended to improve corporate governance financial reporting, and audit functions. Which of the following was NOT one of the rules summarized in the textbook? New standards of professional conduct for attorneys Certifications of legality by the owners of special purpose entities Disclosures regarding a Code of Ethics for Senior Financial Officers and Audit Committee Financial Experts Conditions for use of non-GAAP financial measures
Which of the following is not a provision of the Sarbanes-Oxley Act of 2002? a) The...
Which of the following is not a provision of the Sarbanes-Oxley Act of 2002? a) The company's external auditors are required to attest to the accuracy of the internal controls report. b) Companies are required to report on the effectiveness of their internal controls. c) The chief executive officer and the chief financial officer are jointly responsible for establishment and enforcement of internal controls. d) The company's external auditor is charged with the ultimate responsibility for the accuracy of the...
According to The Sarbanes-Oxley Act of 2002, the audit committee of the board of directors is...
According to The Sarbanes-Oxley Act of 2002, the audit committee of the board of directors is directly responsible for a performing tests of the company's internal control structure. b overseeing day-to-day operations of the internal audit department. c certifying the accuracy of the company's financial reporting process. d hiring and firing the external auditors. A fraud technique that uses unauthorized codes in an authorized and properly functioning program is called the ________ technique. a Trojan horse b man-in-the-middle c salami...
3-2 Which of the following does not apply to the audit committee under the Sarbanes-Oxley Act...
3-2 Which of the following does not apply to the audit committee under the Sarbanes-Oxley Act of 2002? a. The audit committee is responsible for hiring, paying, and overseeing the work of the company's external auditors. b. The audit committee is responsible for establishing procedures for receiving and dealing with complaints and anonymous employee tips regarding fraud. c. At least one member of the audit committee is a financial expert. d. The audit committee reports to the external auditórs any...
Sarbanes-Oxley Ten Years Out Ten years has passed since the passage of the Sarbanes-Oxley Act of...
Sarbanes-Oxley Ten Years Out Ten years has passed since the passage of the Sarbanes-Oxley Act of 2002, and to date, the SEC—the organization in charge of prosecuting violations of the law—has filed cases against only 20 companies accused of violating the act. The backbone of the act was increased responsibility placed on company executives. The act allows the SEC to seize pay from the CEOs and CFOs of companies found to have filed fraudulent financial statements, even if the executives...
18) Sarbanes-Oxley and the Securities and Exchange Commission restrict auditors from providing 18) many consulting services...
18) Sarbanes-Oxley and the Securities and Exchange Commission restrict auditors from providing 18) many consulting services to their publicly traded audit clients. Which of the following is true for auditors of publicly traded companies? I. They are restricted from providing consulting services to privately held companies. Il. There is no restriction on providing consulting services to non-audit clients A) I only B) Il only C) I and II D) Neither I nor 19) Which of the following is an accurate...
7. Ethical corporate behavior and the Sarbanes-Oxley Act Most executives believe that they and their firms...
7. Ethical corporate behavior and the Sarbanes-Oxley Act Most executives believe that they and their firms behave in an ethical manner and that it is in their best interests to do so. How can a firm's ethical conduct increase its long-term profitability? Ethical corporate behavior builds public trust and encourages the use of good corporate governance. Both increase the likelihood that creditors and investors will want to invest in the firm, which in turn increases the availability of financial capital....
Select the appropriate provisions of the Sarbanes-Oxley Act (SOX) for each of the following descriptions. Descriptions Major Provisions of the Sarbanes-Oxley Act a. Executives must personally certify the company's financial statements. Audit firm cannot provide a variety of other services to its client such as investment advising. PCAOB establishes standards related to the preparation of audited financial reports d. Lead audit partners are required to change every five years. o Management must document the effectiveness of procedures that could affect...
The Sarbanes-Oxley Act of 2002 authorized the SEC to issue implementation rules on many of its provisions intended to improve corporate governance financial reporting, and audit functions. Which of the following was NOT one of the rules summarized in the textbook? New standards of professional conduct for attorneys Certifications of legality by the owners of special purpose entities Disclosures regarding a Code of Ethics for Senior Financial Officers and Audit Committee Financial Experts Conditions for use of non-GAAP financial measures
3-2 Which of the following does not apply to the audit committee under the Sarbanes-Oxley Act of 2002? a. The audit committee is responsible for hiring, paying, and overseeing the work of the company's external auditors. b. The audit committee is responsible for establishing procedures for receiving and dealing with complaints and anonymous employee tips regarding fraud. c. At least one member of the audit committee is a financial expert. d. The audit committee reports to the external auditórs any...
18) Sarbanes-Oxley and the Securities and Exchange Commission restrict auditors from providing 18) many consulting services to their publicly traded audit clients. Which of the following is true for auditors of publicly traded companies? I. They are restricted from providing consulting services to privately held companies. Il. There is no restriction on providing consulting services to non-audit clients A) I only B) Il only C) I and II D) Neither I nor 19) Which of the following is an accurate...
7. Ethical corporate behavior and the Sarbanes-Oxley Act Most executives believe that they and their firms behave in an ethical manner and that it is in their best interests to do so. How can a firm's ethical conduct increase its long-term profitability? Ethical corporate behavior builds public trust and encourages the use of good corporate governance. Both increase the likelihood that creditors and investors will want to invest in the firm, which in turn increases the availability of financial capital....
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