Fraud Examination
5th Edition
ISBN: 9781305079144
Author: W. Steve Albrecht, Chad O. Albrecht, Conan C. Albrecht, Mark F. Zimbelman
Publisher: Cengage Learning
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Question
Chapter 3, Problem 22MCQ
To determine
The range of action of the Sarbanes-Oxley Act of 2002.
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Companies are required to follow the laws and regulations including company law, tax law and environmental protection regulations. Which of the following category of internal control objectives is mentioned in the above statement?
Financial reporting
Government reporting
Effective operations.
Compliance
That companies must follow the laws and regulations including company law, tax law and environmental protection regulations requires what category of internal control objectives?
Financial reporting
Effective operations.
Compliance
Government reporting
Subject - account
Please help me.
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The Dodd-Frank Act (2010) includes a variety of new regulations, including the creation of: Multiple Choice O O The Financial Services Industry Control Commission. The Consumer Financial Protection Bureau. The Cost Accounting Standards Board. The Executive Compensation Review Board. 2
Chapter 3 Solutions
Fraud Examination
Ch. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - Prob. 10DQ
Ch. 3 - Prob. 11DQCh. 3 - Prob. 1TFCh. 3 - Prob. 2TFCh. 3 - 3. Developing a positive work environment is of...Ch. 3 - Prob. 4TFCh. 3 - Prob. 5TFCh. 3 - Prob. 6TFCh. 3 - 7. If a perpetrator is not caught, his confidence...Ch. 3 - Prob. 8TFCh. 3 - Prob. 9TFCh. 3 - Prob. 10TFCh. 3 - Prob. 11TFCh. 3 - Prob. 12TFCh. 3 - Prob. 13TFCh. 3 - Prob. 14TFCh. 3 - Prob. 15TFCh. 3 - Prob. 16TFCh. 3 - Prob. 17TFCh. 3 - Prob. 18TFCh. 3 - Prob. 19TFCh. 3 - Prob. 20TFCh. 3 - In order to create a culture of honesty and...Ch. 3 - Prob. 22TFCh. 3 - Prob. 23TFCh. 3 - Prob. 24TFCh. 3 - Prob. 1MCQCh. 3 - Prob. 2MCQCh. 3 - The best way for management to model appropriate...Ch. 3 - Prob. 4MCQCh. 3 - Most frauds start small and: If not detected,...Ch. 3 - Prob. 6MCQCh. 3 - Prob. 7MCQCh. 3 - Prob. 8MCQCh. 3 - Prob. 9MCQCh. 3 - Prob. 10MCQCh. 3 - Prob. 11MCQCh. 3 - Prob. 13MCQCh. 3 - Prob. 17MCQCh. 3 - Prob. 22MCQ
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- Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). Which businesses does this affect? What is the cost of noncompliance (i.e. what fines or penalties might occur for failure to file)? Have you heard of this requirement? If so, where?arrow_forwardWhich of the following statements is correct about the Global Reporting Initiative (GRI)? a) Only US companies are required to file a report based on the GRI. b) Its sole focus is on the shareholders of the company. c) Only corporations that have previously gotten in trouble and are on probation are included on GRI. All publicly traded companies are required by law to report based on the GRI (p standards. e) It facilitates companies to report on social, environmental, and economic performance.arrow_forwardWhich of the following is true about the Sarbanes-Oxley Act? A. It was passed to ensure that internal controls are properly documented and tested by public companies. B. It applies to both public and smaller companies. C. It requires all companies to report their internal control policies to the US Securities and Exchange Commission. D. It does not require additional costs or resources to have adequate controls.arrow_forward
- Which of the following statements are correct regarding Sarbanes- Oxley (SOX) and Dodd-Frank (DF)? I. DF requires that public firms offer an advisory vote to shareholders on top executive compensation. II. SOX imposes criminal penalties on the CEO and CFO for fraud or for retaliation on whistle blowers. III. The compliance costs for SOX can be substantial and have encouraged some firms to "go dark." IV. DF requires companies to disclose whether directors and officers are permitted to hold put options which protect their ownership position in the firm. O I and II only O I and III only O II and III only O I, II, and III only O I, II, III, and IVarrow_forwardThe CSR is a concept whereby companies integrate social & environmental concerns into their business operations and in their interaction with their shareholders on a voluntary basis (European Commission, 2001). Required: Based on your view, discuss FOUR (4) benefits of CSR. A study conducted by Thompson & Zakaria (2004) addressed that 209 out of 257 companies in Malaysia have made some form of CSR disclosure. Required: Based on the findings in the above articles, justify FOUR (4) reasons of some companies for NOT reporting the CSR.arrow_forwardAnswer on these three senarios: Senario 1: Evaluate the essential trade-off faced by government in designing regulation of public firms? Senario 2: Discuss the essential trade-off faced by government in designing regulation of public firms? Senario 3: Many of the provisions of the Sarbanes-Oxley Act of 2002 were aimed at auditors.How does this affect corporate governance? Critically analysis.arrow_forward
- a. What is the Sarbanes –Oxley Act? (SOX) b. What are the highlights of SOX c. What are the costs and benefits of SOX d. Describe how SOX would have impacted Accounting over the past 18 years e. Provide the pros and cons of SOX f. Compare and contrast the usage of SOX in the private sector vs similar requirements in the public sectorarrow_forwardSection 404 of the Sarbanes-Oxley Act of 2002 (SOX) requires that O public companies disclose if they have adopted a code of ethics for its senior officers. O management of public companies recognize their responsibility for establishing internal controls and provide an assessment of the effectiveness of those internal controls. O public and private companies disclose if they have adopted a code of ethics company-wide. O CEOs and CFOs of publicly traded companies certify the accuracy of their reported financial information.arrow_forwardWhich organization would likely be most interested in whether the company has the ability to pay increased wages and benefits? a) The Securities and Exchange Commission b) The Internal Revenue Service c) The U.S. Treasury Department d) A labor unionarrow_forward
- The Sarbanes-Oxley Act Created the Private Company Accounting Board. Allows accountants to audit and to perform any type of consulting work for a public company. Stipulates that violators of the act may serve 20 years in prison for securities fraud. Requires that an outside auditor must evaluate a public company’s internal controls.arrow_forwardWhich statement is most TRUE regarding Corporate Social Responsibility (CSR) Reporting as of April, 2022? [Most choices are blatantly, outrageously false. This is a fluid area so next year the answer may be different] a. In the U.S., the PCAOB exercises responsibility for setting CSR standards. b. There are no requirements for CSR Reporting for publicly-traded U.S. companies c. In the U.S., the SEC has delegated standard-setting for CSR to the AICPA. d. The FASB has agreed to endorse the use of IASB standards, by U.S. companies, for their CSR reportsarrow_forwardWhich law or regulation requires that public companies must maintain strong internal control systems?a. Dodd-Frank Actb. Sarbanes-Oxley Actc. Securities and Exchange Act of 1933d. Treadway Commissionarrow_forward
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