Homework Answers
B. The audit committee is responsible for establishing procedures for receiving and dealing with complaint and anonymous employee tips regarding fraud.
D.The Racketeer Influenced and Corrupt Organization Act of 1970( ROCO) makes it legal for corrupt management to engage in a pattern of racketeering activity in a legitimate business.
Add Answer to:
3-2 Which of the following does not apply to the audit committee under the Sarbanes-Oxley Act...
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...
When Congress passed the Sarbanes-Oxley Act, it imposed greater regulation on public companies and their external...
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.
Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee
1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...
. 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 try to answer all questions. Which of the following is false with regards to audit...
Please try to answer all questions.
Which of the following is false with regards to audit responsibility? The auditor of a public company is required to certify the annual financial statements. Auditing standards make no distinction between error or fraud; in either case, the auditor must obtain reasonable assuran misstatement. The auditor's responsibility for illegal acts is the same as for errors and fraud. Reasonable assurance is a high, but not absolute, level of assurance. -> Moving to the next...
1. Which of the following is false regarding common and federal securities laws? a. The securities...
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
Review the Audit report (found in the 10-K) for the following two companies. Highlight or summarize...
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
Case: Enron: Questionable Accounting Leads to CollapseIntroductionOnce upon a time, there was a gleaming...
Case: Enron: Questionable Accounting Leads to CollapseIntroductionOnce upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant “E,” slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm laid off 4,000...
Please try to answer all questions.
Which of the following is false with regards to audit responsibility? The auditor of a public company is required to certify the annual financial statements. Auditing standards make no distinction between error or fraud; in either case, the auditor must obtain reasonable assuran misstatement. The auditor's responsibility for illegal acts is the same as for errors and fraud. Reasonable assurance is a high, but not absolute, level of assurance. -> Moving to the next...
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
Review the Audit report (found in the 10-K) for the following
two companies. Highlight or summarize
differences between the reports (other than the name of Company,
Audit Firm, Financial statement
period covered).
Note:
1. Each Company may have two audit reports (one opinion on
financial statements and one for
audit of internal controls) or the two opinions may be combined
into one report.
2. You are not required to review the entire 10-K. Find the
audit report in the 10-K...
Most questions answered within 3 hours.
-
The blues made its way into many kinds of music. Eric Clapton,
The Beatles, and Elvis...
asked 22 minutes ago -
If you’re standing at the bottom of a hill and asked to evaluate
it while being...
asked 1 hour ago -
1. Which region has taken the lead in the world of
e-waste handling?
a) European Union...
asked 1 hour ago -
A 8.15- g bullet from a 9-mm pistol has a velocity of 366.0 m/s.
It strikes...
asked 2 hours ago -
The outstanding bonds of Alpha Extracts have a yield to maturity
of 7.4 percent and a...
asked 2 hours ago -
The Problem: The Case of the Harmonizing Vacations
Your CEO is exploring partnering with a European...
asked 4 hours ago -
A chemical equation is balanced by adding coefficients in front
of some formulas so that the...
asked 4 hours ago -
From the literature (reference your sources): What are the
lattice parameters of calcite and aragonite? Why...
asked 4 hours ago -
Your system is rejecting the question am asking which is
preceded by a case study. It...
asked 4 hours ago -
3. On January 2, 2000, Larry creates a trust with himself as
trustee. Larry as trustee...
asked 4 hours ago -
A member of the volleyball team spikes the ball. During this
process, she changes the velocity...
asked 4 hours ago -
Are adult gamers less likely to use a gaming console (Xbox,
PlayStation, Wii, etc...) than teen...
asked 5 hours ago