Provide a brief summary of the main internal controls in the Sarbanes Oxley Act (2002)

Q: what are some examples of internal controls? How are internal controls related to the Sarbanes-Oxley…

A: Internal Control: In an organization, internal control is a procedure carried out by the entity's…

Q: What is the audit committee’s potential role in overseeing cyber risk?

A: Audit: It is an independent examination of books of accounts of the company with a view to represent…

Q: Compare and contrast the work of external and internal audit in relation to internal controls.

A: Internal control is an important part of every organization. It helps in maintaining the efficiency…

Q: On March 20, 1997, FDA published a final rule on electronic records and signatures, which FDA will…

A: The purpose of this guideline is to convey the current thinking of the Food and Drug Administration…

Q: How has the new internal controls placed by auditors effected Sox

A: Answer:-  Internal control meaning:- Internal controls are a company's processes, regulations and…

Q: T F There is added protection for whistle-blowerswho report violations of the Sarbanes–Oxley Act.

A: People who report violation to Sarbanes Oxley Act are protected as per law under Section 806 of SOX

Q: The Sarbanes-Oxley Act was enacted to combat fraud and curb poor reporting practices. What are some…

A: Sarbanes-Oxley Act: This is the act passed by the government for safeguarding investors from…

Q: What is a law, such as the Sarbanes–Oxley Act of 2002, under which auditors have obligations?

A: The Sarbanes–Oxley Act of 2002 is a federal Law that established Sweeping Auditing and finance…

Q: 2.What is auditor's responsibilities for reporting internal control under Section 404 Sarbanes Oxley…

A: Auditor:- An auditor may be an individual or group of individuals who verifies the books of accounts…

Q: What is EDGAR? Multiple Choice A system designed by the SEC to allow electronic filings. The…

A: Option B is incorrect because EDGAR is a system devised by SEC for electronic corporate filings…

Q: If the company is subject to PCAOB obligations for communicating control shortcomings (AS 1305),…

A: SOLUTION-   COMMUNICATION ABOUT CONTROL SHORTCOMING- STANDARD O AUDITING OF 1305 DESCRIBES THE…

Q: All of the following are internal control procedures excepta. Sarbanes-Oxley reforms.b. assignment…

A: Internal Control is a process of assuring of fulfilment of objectives of the organisation with…

Q: This is a process of evaluating the effectiveness of a client's internal controls in preventing or…

A: INTERNAL CONTROL IS A MECHANISM WHICH IS IMPLEMENTED TO ENSURE THE INTEGRITY OF FINANCIAL AND…

Q: How must an auditor document understanding of Internal Control?

A: Definition:   Internal control: Internal control is a process which ensures continuous reliability…

Q: From the list of assertions provided, select the relevant assertion(s) to each control objective.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Each of the following represents an internal control procedure except for:a. separation of duties.b.…

A:

Q: Discuss any separation of duties necessary to control against unauthorized entries to the general…

A: General Ledger:  The financial information required for the preparation of financial reports of…

Q: What is EDGAR?a. A system the SEC uses to reject registration statements that do not contain…

A: EDGAR: EDGAR is a system designed to gather electronic data, analyze and retrieve the data.…

Q: The SEC requires the MD&A report as well as the audit attestation on management’s assessment of…

A: MD&A report means management discussion and analysis report. The MD&A report forms a part of…

Q: does it matter that groupon reported its weakness in internal controls as a disclosuer control under…

A: Section 302 of SOX mandates the management specifically the CEO and CFO to report the fairness of…

Q: Why do GAGAS require a review for compliance with laws and regulations in conjunction with financial…

A:

Q: Section 404 requires management to make a statement identifying the control framework used to…

A: Internal Control:   Internal control involves the norms and standards followed by company to…

Q: Explain the primary functions of internal controls procedures in the accounting area

A: Definition: Internal control: The internal control refers to the plan of a company. Implementation…

Q: has in internal control procedures in which fraud or errors could occur? What can the company do to…

A: Every company should want to stop fraud from happening against their organization, and most…

Q: Explain how the purposes and principles of internal controls are different between accounting…

A: GAAP-Generally Accepted Accounting Principles:   They are commonly known as GAAP. It is a…

Q: The line of reporting of IS audit is indicated in: a. The audit committee charter. b. The internal…

A: The question is related to reporting of IS Audit. An information systems audit evaluates the…

Q: In your own words, why are internal controls important? Why do you think Congress has made it…

A: Internal control refers to various methods and procedures adopted for the control of production,…

Q: What is required in an examination of Internal Control under Sarbanes-Oxley?

A: As per Sarbanes Oxley Act,all publicly traded companies need to establish the internal controls for…

Q: What fraud detection responsibilities (if any) does SOX impose on auditors?

A: Definition: Sarbanes Oxley Act: In order to protect the rights of an investor from fraudulent…

Q: What are the three major phases in the audit team’s evaluation of internal control? How does theuse…

A: Following are the three major phases in the audit team's evaluation of the internal control and the…

Q: Is an organization’s internal audit function part of its system of internal controls? If your answer…

A: Internal Audit Internal audit refers to the department set inside a business that monitors the…

Q: Discuss the potential for abuse and fraud in this system. Describe the         controls that should…

A: Fixed Asset: The asset held by company for more than one year is known as fixed asset. Fixed asset…

Q: do COSO Internal Controls prevention fraud?

A: Internal controls are the policies and procedures put in place to protect your company's assets,…

Q: If the company is subject to PCAOB obligations involving notification of control shortcomings (AS…

A: Thi the company is subject to PCAOB obligations involving notification of control shortcomings (AS…

Q: Which of the following service auditor reports provide evidence about the operating effectiveness of…

A: What are Service Organisation Controls(SOC) reports? A service organization controls (SOC) report is…

Q: From the list of assertions provided, select the relevant assertionts) to each control objective.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Give examples of tests of controls to test theoperating effectiveness of internal controlsin the…

A: Test of Controls: The test of controls includes the procedures that are developed to generate…

Q: Choose the correct. What is EDGAR?a. A system the SEC uses to reject registration statements that do…

A: EDGAR: EDGAR is a system designed to gather electronic data, analyze and retrieve the data.…

Q: Question 18 According to the PCAOB, during the audit of internal controls for an issuer (public…

A: Introduction: An impartial service that evaluates an organization's internal controls, corporate…