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.
Homework Answers
Answer is A.
The SOX Act requires the CEO and CFO must certify the accuracy of the company financial statements and annual reports. CEO and CFO who certify misleading or fraudulent reports can be prosecuted if found guilty or be subject to penalties up to 20 years in prison and fine of up to five million dollars. SOX requires a code of ethics for senior officials of top management and accounting officers of publicly traded companies. The CEO and CFO must forfeit the bonuses and reimburse the management if there is restatement of the company’s accounting disclosures. SOX require financial audit committee members should satisfy independence, financial literacy and other qualifications required by Company’s corporate governance guidelines.
Hence answer is first option since it is not auditors who have to certify the financial statements
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The Sarbanes-Oxley Act does all of the following except
A. require that auditors must certify that...
Question 10 View Policies Current Attempt in Progress After passage of the Sarbanes-Oxley Act of 2002...
Question 10 View Policies Current Attempt in Progress 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. the audit committee, rather than top management, is responsible for the company's financial statements. reports prepared by managerial accountants must comply with generally accepted accounting principles (GAAP). reports prepared by managerial accountants must be audited by CPAs. Save for Later
When Congress passed the Sarbanes-Oxley Act, it imposed greater regulation on public companies and their external...
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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
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Sarbanes-Oxley Act has impacted auditors' liability by all of the following except O if pursuing the Securities Exchange Act, lengthened the statute of limitations for bringing suit o amplified penalties for mail and wire fraud o increased likelihood of judges dismissing charges against auditors o addressed the destruction, alteration, or falsification of records in federal investigations and bankruptcies
3-2 Which of the following does not apply to the audit committee under the Sarbanes-Oxley Act...
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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.
The Sarbanes-Oxley Act, passed in 2002, does NOT require companies _____. to report whether they have...
The Sarbanes-Oxley Act, passed in 2002, does NOT require companies _____. to report whether they have adapted a code of ethics to adhere strictly to accounting rules to choose more outside board of directors to improve and maintain investor confidence to choose more inside board of directors
NU maron applies to the questions displayed below.) Section 301 of the Sarbanes-Oxley Act requires that...
NU maron applies to the questions displayed below.) Section 301 of the Sarbanes-Oxley Act requires that public companies have an audit committee, Independent auditors are increasingly involved with audit committees C. Select all of the following that are functions of the audit committee: (Select all that apply.) Check All That Apply 0 Selection of the independent auditor, discussion of audit fee with the auditor, and review of the auditor's engagement letter 0 Review of the independent auditor's overall audit plan...
US Sarbanes-Oxley Act and similar pieces of Canadian legislation jointly known as CSOX: A. Enable law...
US Sarbanes-Oxley Act and similar pieces of Canadian legislation jointly known as CSOX: A. Enable law enforcement officers to wire tap corporate phones if required B. Have led to a decrease in the amount of work done by auditors and accountants C. Forbid corporations from making personal loans to executives D. Require the CEO of a public company to take responsibility for the reliability of its financial statements
Question 10 View Policies Current Attempt in Progress 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. the audit committee, rather than top management, is responsible for the company's financial statements. reports prepared by managerial accountants must comply with generally accepted accounting principles (GAAP). reports prepared by managerial accountants must be audited by CPAs. Save for Later
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
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...
Sarbanes-Oxley Act has impacted auditors' liability by all of the following except O if pursuing the Securities Exchange Act, lengthened the statute of limitations for bringing suit o amplified penalties for mail and wire fraud o increased likelihood of judges dismissing charges against auditors o addressed the destruction, alteration, or falsification of records in federal investigations and bankruptcies
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...
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.
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