Question

to EEEE 21 E AaBb cod AaBbCcDd AaBb C AaBbcc AaB 1 Normal 1 No Spac... Heading 1 Heading 2 Title A E E Paragraph Styles 1. D.Q.3.1. Why doesn't Sarbanes-Oxley apply to privately-owned companies? (The correct answer is Not "Because it applies only to publicly held companies.") D.Q. 3.2. Discuss Sarbanes-Oxley and the Five Elements of Internal Control. Provide a substantive response. Include unique examples and specific illustrations that are unique from your classmates. D.Q. 3.3 Why are competent personnel, rotating duties, and mandatory vacations important control procedures? Regardless of the size of your employer, or whether it is publicly or privately held, have these policies been utilized where you currently work or have worked in the past? D.Q. 3.4. Discuss, illustrate, and provide examples of Warning signs with regard to People, p. 175. How have you seen these warnings heeded or not heeded in your experience? Provide specific, unique examples. D.Q. 3.5. Discuss the limitations of Internal Control. Why are internal controls not a guarantee that all is above board? Put this concept in the context of your current work environment or one in which you have previously worked. What does this look like in your world? C (Ctrl

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3.1 why doesn't sarbanes-oxiey apply to privately-owned companies:-

Sarbanes- Oxley Act was passed in 2002 to protect all the outside investors of a company from the possible fraudulent accounting activities if done by the corporations where they have invested.This Act was brought to put tighter control on companies so that they publish corrects accounts and financial reporting specially after the large scale accounting frauds done by Public-owned companies including Enron. The Act’s main motive was to protect all the outside investors who invest in public owned companies so the laws were written according to that goal in mind.These laws hence do not apply to any privately owned company who don’t have to show reporting to outside investors. If the reporting is done by the owner for the owner himself, this Act does not apply.