Question

Discuss the impact of Sarbanes-Oxley on a company’s internal controls. Be sure to define internal controls...

Discuss the impact of Sarbanes-Oxley on a company’s internal controls. Be sure to define internal controls and discuss the basic principles for assessing internal controls.

0 0
Add a comment Improve this question Transcribed image text
Answer #1

impact of Sarbanes-Oxley Act on a company Internal control t o . Sarbanes-Oxley Act section 404 (b) requires that the managemwith governance managem Internal control & The process designed, implemented - and maintained by Those charge governance mana

Add a comment
Know the answer?
Add Answer to:
Discuss the impact of Sarbanes-Oxley on a company’s internal controls. Be sure to define internal controls...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Topic: Financial scandal that took place prior to the Sarbanes-Oxley Act (SOX) of 2002 Question: Impact...

    Topic: Financial scandal that took place prior to the Sarbanes-Oxley Act (SOX) of 2002 Question: Impact of Sarbanes-Oxley--(Could this same type of financial scandal happen again now that SOX has been enacted, why or why not? Be sure to discuss this from what happened in terms of better/stricter internal controls and regulations that are now in place) you can pick any question for me to relate about the assignment? explain as many words you want to help me understand the...

  • Discuss Sarbanes-Oxley and the Five Elements of Internal Control. Provide a substantive response. Include unique examples...

    Discuss Sarbanes-Oxley and the Five Elements of Internal Control. Provide a substantive response. Include unique examples and specific illustrations

  • Option #1: Public vs. Private Company Controls Standards CEO Billy Jean has heard that due to the Sarbanes-Oxley Act, c...

    Option #1: Public vs. Private Company Controls Standards CEO Billy Jean has heard that due to the Sarbanes-Oxley Act, costs have increased significantly when operating a public company. Jean is especially apprehensive with reports that he can anticipate double the audit fees due to the internal control provisions of the Act and PCAOB Auditing Standard No. 2201. Jean has asked you to explain how the Sarbanes- Oxley requirements may affect the audit Required: Organize and share your thoughts if the...

  • Good internal control starts at the top of any organization. The tone of the organization is...

    Good internal control starts at the top of any organization. The tone of the organization is established with senior management. Due to the significance of management’s role in the organization the Sarbanes-Oxley Act outlined management’s responsibilities for internal controls over financial reporting. Discuss management’s responsibilities under Sarbanes-Oxley. Be sure to include your opinion on how these responsibilities may improve a company’s internal control structure.

  • Which of the following is not a key element of the Sarbanes Oxley Act? Group of...

    Which of the following is not a key element of the Sarbanes Oxley Act? Group of answer choices The establishment of the Public Company Accounting Oversight Board Requiring a company’s annual report to contain an internal control report that includes management’s opinion on the effectiveness of internal control Severe criminal penalties for retaliation against “whistleblowers” Requiring that the company’s performance reports are prepared in accordance with generally accepted accounting principles

  • 1. The Sarbanes-Oxley Act requires: A. all public companies to issue an internal control report. B....

    1. The Sarbanes-Oxley Act requires: A. all public companies to issue an internal control report. B. all public companies to define adequate internal controls. C. the auditor of public companies to design effective ICFR. D. provides for all three of the above. 2. When planning an audit, the auditor's assessed level of control risk is: A. determined by using actuarial tables. B. calculated by using the audit risk model. C. an economic issue, trading off the costs of testing controls...

  • CEO Billy Jean has heard that due to the Sarbanes–Oxley Act, costs have increased significantly when operating a public...

    CEO Billy Jean has heard that due to the Sarbanes–Oxley Act, costs have increased significantly when operating a public company. Jean is especially apprehensive with reports that he can anticipate double the audit fees due to the internal control provisions of the Act and PCAOB Auditing Standard No. 2201. Jean has asked you to explain how the Sarbanes–Oxley requirements may affect the audit. Required: Organize and share your thoughts if the company decides to go public. How would complying with...

  • Which of the following is not a result or characteristic of the Sarbanes- Oxley Act? a....

    Which of the following is not a result or characteristic of the Sarbanes- Oxley Act? a. Strong internal controls over the recording of transactions b. Restoration of public confidence and trust in the financial statements of companies O c. Effective internal controls over the preparation of financial statements Od. Complete elimination of fraud and theft

  • what are some examples of internal controls based on experience? How are internal controls related to...

    what are some examples of internal controls based on experience? How are internal controls related to the Sarbanes-Oxley legislation? Separately, what is the role of the internal audit function in an organization, and how does this function relate to internal control?

  • 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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT