Which of the following is NOT a major component of the Sarbanes-Oxley Act?     Executive responsibility for accurate financial reporting.   Accounting regulation.    Mandating external financial audits for all companies.    Formation of an audit committee.

According to the Institute of Internal Auditor's position paper on the three lines corporate governance model, which group is responsible for owning risks and developing corrective measures and internal controls to mitigate business and IT-related risks: a) first line b) second line c) third line d) Internal audit, at the direction of the Audit Committee

Which of the following is true of the Audit Committee? O It is composed of a group of stockholders. O It includes both the internal auditors and the external auditors of a company. It is the group that conducts the audit of a company. Its main purpose is to report errors on the company's financial statements to the SEC. It is another term for the internal auditing department of a company.

Which of the following can be used as a criteria for evaluating information being audited? A) International Financial Reporting Standards (IFRS)B) Generally Accepted Accounting Principles (GAAP)C) Internal Revenue Code (IRC)D) all of the above

Audited financial statements are prepared by: Management O Company Salesmen O Directors Auditors

For a corporation in an industry with fewer rules, which of the following control goals in the General Ledger operations within the Record-to-Report process is least likely to have more comprehensive audit procedures? a. Ascertain that the general ledger and management accounts are correct, dependable, and accurately reflect the organization's structure and activities. b. To guarantee that the accounting data may be utilised to create all of the relevant statutory and publicly available financial statements. c. Ascertain that accounting data may be analysed in a relevant and reliable manner to aid management choices and actions. d. To guarantee that accounting records are kept in conformity with applicable laws, regulations, and professional standards.

Ashavin

What is the purpose of an audit? A) To provide investment advice to shareholders B) To ensure that financial statements are accurate and comply with accounting standards C) To manage and control a company's financial resources D) To predict a company's future financial performance

4. An independent audit is important to readers of financial statements because it:a.       determines the future stewardship of the management of the company whose financial statements are audited.b.      measures and communicates financial and business data included in financial statements.c.       involves the objective examination of and reporting on management‑ prepared statements.d.      reports on the accuracy of all information in the financial statements.

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