Which of the following is required by the Sarbanes-Oxley Act of 2002?
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Sarbanes-Oxley Act: Sarbanes-Oxley Act of 2002 was created to protect investors from scandals like Enron and WorldCom. It created several provisions to expand reporting, accounting, auditing, and corporate responsibility requirements. It added responsibilities of Company Board of directors and auditors.
Internal controls: Sarbanes-Oxley Act of 2002 added a requirement which requires management and auditor to report on adequacy of the Company’s internal control. Setting up internal control on financial reporting is the responsibility of management and auditor is required to report on the adequacy of internal control on financial reporting.
A vertical analysis: Vertical analysis measures each item of income statement as a percent of sales. It is not a requirement of Sarbanes-Oxley Act of 2002.
A common-sized statement: A common-sized statement is used to compare financials of Companies of different sizes. It is not a requirement of Sarbanes-Oxley Act of 2002.
A price-earnings ratio: Price-earnings ratio provides for the market price as a ratio of earnings per share of the company. It is used in measuring performance of the Company. It is not a requirement of Sarbanes-Oxley Act of 2002.
A report on internal control: A report on internal control is required by the Sarbanes-Oxley Act of 2002.
Ans:A report on internal control is a requirement of Sarbanes-Oxley Act of 2002.
Which of the following is required by the Sarbanes-Oxley Act of 2002? a. A report on...
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...
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...
Sarbanes-Oxley Act of 2002 was designed to control the record keeping systems that businesses are required to maintain.The Act was passed to combat the slew of financial scandals that were committed by large companies like WorldCom and Enron. Do you think that this massive accounting reform law passed by Congress was really necessary
Sarbanes-Oxley Act of 2002 was designed to control the record keeping systems that businesses are required to maintain.The Act was passed to combat the slew of financial scandals that were committed by large companies like WorldCom and Enron. Do you think that this massive accounting reform law passed by Congress was really necessary?
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