Homework Answers
1. Option , 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 turns increases the availability of financial capital.
2. While planning for an upcoming company audit, a manager insists on hiring an external auditing firm to audit the company's financial statements.
3. A publicly traded corporation must have a board of directors that includes outside directors to oversee the firm's annual audit.
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7. Ethical corporate behavior and the Sarbanes-Oxley Act Most executives believe that they and their firms...
Please answer all parts of question number 7 correctly. Most executives believe that they and their...
Please answer all parts of question number 7 correctly.
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? O Ethical corporate behavior reduces unnecessary legal expenses and the need to pay fines. Ethical corporate behavior is always more costly, because it generally results in more constrained and expensive behaviors. Ethics deals with questions of right...
Q 1.198! Which of the following statements is true regarding the Sarbanes-Oxley Act (SOX)? Select all...
Q 1.198! Which of the following statements is true regarding the Sarbanes-Oxley Act (SOX)? Select all that apply. A The act calls for decreased independence of outside auditors reviewing corporate financial statements. B The act calls for increased oversight responsibilities for boards of directors. c The act has resulted in increased penalties for financial fraud by top management. D The act is meant to decrease the likelihood of unethical corporate behavior.
Under the provisions of the Sarbanes-Oxley Act, corporate executives: Multiple Choice Ο Are not allowed to...
Under the provisions of the Sarbanes-Oxley Act, corporate executives: Multiple Choice Ο Are not allowed to view the company's financial statements. Ο Must personally certify the company's financial statements Ο Have limited responsibility for financial statements. Ο Must personally prepare the company's financial statements.
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...
Question 1 5 pts The Sarbanes-Oxley Act was enacted to reduce the number of unethical business...
Question 1 5 pts The Sarbanes-Oxley Act was enacted to reduce the number of unethical business decisions by requiring the accountability of publicly traded companies. True O False Question 2 5 pts Conduct that is legal is ethically unquestionable. True O False Question 3 5 pts Ethics is a branch of philosophy that focuses on morality. O True False D Question 4 5 pts The effectiveness of an industry code of ethics is partly determined by the commitment 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...
What is a primary focus of the Sarbanes-Oxley Act? Accounting standards and the registration of securities. Regulation o...
What is a primary focus of the Sarbanes-Oxley Act? Accounting standards and the registration of securities. Regulation of the continuous reporting by publicly owned companies. Accounting standards and registration of investment companies that engage in investing and trading in securities. Accounting standards and penalties against persons who profit from illegal use of inside information. Regulation of independent audit firms and audit standards. The SEC’s role in the initial registration of securities to be publicly issued is: Multiple Choice To ensure...
Multinational Business Finance 3) When discussing the structure of corporate governance, the authors internal and external...
Multinational Business Finance
3) When discussing the structure of corporate governance, the authors internal and external factors. is an example of an internal factor an example of an external factor. A) Equity markets; executive management B) Debt markets: board of directors C) Executive management, auditors D) Auditors; regulators 4) Which of the following is NOT commonly associated with a government affiliate of corporate governance regime? A) No minority influence. B) Lack of transparency. C) State ownership of enterprise. D) All...
. The Sarbanes-Oxley Act requires public companies to ensure which of the following individuals have considerable...
. The Sarbanes-Oxley Act requires public companies to ensure which of the following individuals have considerable experience applying generally accepted accounting principles (GAAP) for financial statements. A. External auditors B. Internal auditors C. Chief financial officers D. Corporate boards' audit committees 5. Which ratio measures a firm's ability to pay short-term obligations with its available cash and market securities? A. Cash B. Current C. Internal-growth D. Quick or acid test 5. Which of these statements is true? A. A low...
Please answer all parts of question number 7 correctly.
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? O Ethical corporate behavior reduces unnecessary legal expenses and the need to pay fines. Ethical corporate behavior is always more costly, because it generally results in more constrained and expensive behaviors. Ethics deals with questions of right...
Q 1.198! Which of the following statements is true regarding the Sarbanes-Oxley Act (SOX)? Select all that apply. A The act calls for decreased independence of outside auditors reviewing corporate financial statements. B The act calls for increased oversight responsibilities for boards of directors. c The act has resulted in increased penalties for financial fraud by top management. D The act is meant to decrease the likelihood of unethical corporate behavior.
Under the provisions of the Sarbanes-Oxley Act, corporate executives: Multiple Choice Ο Are not allowed to view the company's financial statements. Ο Must personally certify the company's financial statements Ο Have limited responsibility for financial statements. Ο Must personally prepare the company's financial statements.
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...
Question 1 5 pts The Sarbanes-Oxley Act was enacted to reduce the number of unethical business decisions by requiring the accountability of publicly traded companies. True O False Question 2 5 pts Conduct that is legal is ethically unquestionable. True O False Question 3 5 pts Ethics is a branch of philosophy that focuses on morality. O True False D Question 4 5 pts The effectiveness of an industry code of ethics is partly determined by the commitment of the...
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...
Multinational Business Finance
3) When discussing the structure of corporate governance, the authors internal and external factors. is an example of an internal factor an example of an external factor. A) Equity markets; executive management B) Debt markets: board of directors C) Executive management, auditors D) Auditors; regulators 4) Which of the following is NOT commonly associated with a government affiliate of corporate governance regime? A) No minority influence. B) Lack of transparency. C) State ownership of enterprise. D) All...
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