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 company's financial statements and accompanying footnotes.
Ans-(D)
The company's external auditor is charged with the ultimate responsibility for the accuracy of the company's financial statements and accompanying footnotes.
Which of the following is not a provision of the Sarbanes-Oxley Act of 2002? a) The...
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.
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...
Which of the following is required by the Sarbanes-Oxley Act of 2002? a. A report on internal control b. A vertical analysis c. A common-sized statement d. A price-earnings ratio
True or False: One of the major provisions of the Sarbanes-Oxley Act (SOX) requires a company's outside auditors to express an opinion on whether management's assessment of the effectiveness of their internal controls is fairly stated.
Prior to beginning work on this discussion forum, visit the The Sarbanes-Oxley Act 2002 (Links to an external site.) Search the Internet and locate an annual financial report for a public U.S. company. Read the “Notes” to the Financial Statements to determine the criteria for cash equivalent and how cash and cash equivalents are handled. In your initial post, you will discuss your findings. Find information about the internal control policy of the company and summarize this policy in your...
Prior to beginning work on this discussion forum, visit the The Sarbanes-Oxley Act 2002 (Links to an external site.) Search the Internet and locate an annual financial report for a public U.S. company. Read the “Notes” to the Financial Statements to determine the criteria for cash equivalent and how cash and cash equivalents are handled. In your initial post, you will discuss your findings. Find information about the internal control policy of the company and summarize this policy in your...
rior to beginning work on this discussion forum, visit the The Sarbanes-Oxley Act 2002 (Links to an external site.) Search the Internet and locate an annual financial report for a public U.S. company. Read the “Notes” to the Financial Statements to determine the criteria for cash equivalent and how cash and cash equivalents are handled. In your initial post, you will discuss your findings. Find information about the internal control policy of the company and summarize this policy in your...
Prior to beginning work on this discussion forum, visit the The Sarbanes-Oxley Act 2002 (Links to an external site.) Search the Internet and locate an annual financial report for a public U.S. company. Read the “Notes” to the Financial Statements to determine the criteria for cash equivalent and how cash and cash equivalents are handled. In your initial post, you will discuss your findings. Find information about the internal control policy of the company and summarize this policy in your...
Section 404 of the Sarbanes-Oxley Act requires that management report on the effectiveness of is internal control over financial reporting (ICFR) and that the auditor also provide an attestation on the effectiveness.False True
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