2002 act oxley sarbanes - Study guides, Class notes & Summaries

C254 QUESTIONS WITH CORRECT ANSWERS Section 404 of the Sarbanes-Oxley Act of 2002, provided for increased scrutiny over which area of corporate governance: CORRECT ANSWER Internal controls design, implementation and effectiveness. Section 404 of SOX is probably the most well-known section of Sarbanes-Oxley that requires management to select an internal control framework and then assess the effectiveness and report annually on both the design and operational effectiveness of that framework. ...

Question: The Sarbanes-Oxley Act of 2002 applies to all companies that: Question: Consistent with the COSO framework, an effective internal control system includes the control environment. The contro l environment refers to: Question: Effective internal control over cash includes the requirement that: Question: The Sarbanes-Oxley Act (SOX) mandates which of the following? Question: The component of internal control that includes the policies and procedures that help ensure that management’s di...

Audit Chapter 7 Exam Questions and Answers All Correct Which statement is correct concerning the relevance of various types of controls to a financial statement audit? A. An auditor may ordinarily ignore the consideration of controls when a substantive audit approach is used. B. Controls over the reliability of financial reporting are ordinarily most directly relevant to an audit, but other controls may also be relevant. C. Controls over safeguarding assets and liabilities are of primary i...

Capital budgeting correct answers The planning and managing of a corporation's long-term investments Capital structure correct answers A corporation's mix of long-term debt and equity Fair value correct answers The market value, either actual or estimated, of an asset or a liability Sarbanes-Oxley Act of 2002 correct answers A federal statutory law governing corporate directors in the areas of investor protection, internal controls, and penalties, both civil and criminal. Stakehold...

HFMA test 5: Internal Control with Correct Solutions 2024 Administrative controls are characterized by: - Answer -Administrative Controls Administrative controls are characterized by: An organizational plan leading to management's authorization. Assigned responsibility for achieving organizational goals. A starting point for accounting controls. Sarbanes-Oxley Act of 2002 (SOX) This act was established to: - Answer -Sarbanes-Oxley Act of 2002 (SOX) This act was established to: Regulat...

Stakeholder - someone who has a claim on the cash flows of the firm. A good capital budgeting decision is: - one in which the perceived benefits of the project are more than the cost of the asset. Which of the following business organizational forms create(s) a tax liability on income at the personal income tax rate? - Both Sole proprietorship and Partnership Which form(s) of business organization generate(s) the majority of business revenues and profits in the United States? - Corporation...

Which of the following is true of audit committees under the provisions of the Sarbanes-Oxley Act of 2002? A. At least two audit committee members must be financial experts and one must be a CPA. B. At least one audit committee member must be a financial expert. C. No financial experts are required if the audit committee can consult with either the auditor or the chief financial officer. D. A majority of the audit committee must consist of financial experts. - B. At least one audit commit...

The Sarbanes-Oxley Act of 2002 pertains to a. Public company audits only b. private company audits only c. Both public and private company audits d. None of the above Public company audits only All of the following are changes to the audit profession as a result of SOX EXCEPT for... a. End of "self-regulation" for audits of publicly-traded companies b. Public company audits are subject to regulatory inspections c. Public companies are required to obtain an external audit d. Many non-audit s...

ISC2 Practice Exam Questions And Answers With Complete Solutions 100% Correct | 2024. Replaced SAS 70 in 2011 SSAE 16 - Statement on Standards for Attestation Engagements (SSAE) No. 16 created SAS 70, a standard used until 2011 AICPA - american institute of certified public accountants Sarbanes-Oxley Act of 2002 instigated the move from SAS 70 SOC reports Service Organization Control Reports SSAE 16 the standard used for a SOC 1 report Readers of SOC 1 reports could include financi...

TESTBANK&SOLUTION MANUAL FOR Managerial AccountingTools for Business Decision Making, 6th Canadian Edition, Jerry Weygandt, Paul Kimmel, Ibrahim Aly CHAPTER 1 MANAGERIAL ACCOUNTING SUMMARY OF QUESTION TYPES BY LEARNING OBJECTIVE, BLOOM’S TAXONOMY, LEVEL OF DIFFICULTY, AACSB CODES, AND CPA CODES Item LOBTLODAACSB CPA Item LO BT LODAACSB CPA Item LO BT LODAACSB CPA True-False Statements 1. 1 C E AN MA 3. 2 K E AN MA 5. 4 K E AN MA 2. 1 C E AN MA 4. 2 K E AN MA Multiple Choice Ques...