Unit 2 Disc

19 From the options given below find the reason/s to regulate the inefficiency in accounting profession a. Regulation seeks to ensure that accounting services are of the right quality b. All the options c. Regulation is used to mitigate the potential impact of this inefficiency on the society d. Regulation is used to mitigate the potential impact of this inefficiency on the economy Clear my choice

Question 9 Management of US Public Companies may provide a public report on the effectiveness of their organization's internal control over financial reporting, but management is not required to do so  True  False

Chapter 8:  Sarbanes Oxley, Internal Control, and Cash Chapter 8 discusses the creation of the Sarbanes Oxley Act of 2002.  The act is commonly known by the acronym "SOX."  The act established the Public Companies Accounting Oversight Board.  This board is sometimes known as the "Peek-a-Boo" which serves as what may be a very appropriate acronym.  Please let us know why the Public Companies Accounting Oversight Board has come to be known as the "Peek-a-Boo."  Please use the link below to access the Sarbanes Oxley Act of 2002 and include it. http://www.soxlaw.com/ (Links to an external site.)

Discussion Questions on Fraud Prevention from Chapter 4 Fraud Examination 4th Edition 1. How do organizations create a culture of honesty, openness, and assistance? 2. What are different ways in which companies can eliminate opportunities for fraud? 3. What is the purpose of adopting a code of ethics throughout a company?

Required information Chapter 04 Problem 4-31 LO 4-6, 4-9 [The following information applies to the questions displayed below.] Management fraud (e.g., fraudulent financial reporting) is a relatively rare event. However, when it does occur, the frauds (e.g., Enron and WorldCom) can have a significant effect on shareholders, employees, and other parties. The PCAOB's AS 2401, Consideration of Fraud in a Financial Statement Audit, provides the relevant guidance for auditors. Chapter 04 Problem 4-31 Part b LO 4-6, 4-9 b. Select the three conditions that are generally present when fraud occurs: Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Management or other employees have an incentive or are under pressure that provides a reason to commit fraud. Circumstances exist that provide an opportunity for a fraud to be carried…

Required information Chapter 04 Problem 4-31 LO 4-6, 4-9 [The following information applies to the questions displayed below.] Management fraud (e.g., fraudulent financial reporting) is a relatively rare event. However, when it does occur, the frauds (e.g., Enron and World Com) can have a significant effect on shareholders, employees, and other parties. The PCAOB's AS 2401, Consideration of Fraud in a Financial Statement Audit, provides the relevant guidance for auditors. Chapter 04 Problem 4-31 Part b LO 4-6, 4-9 b. Select the three conditions that are generally present when fraud occurs: Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Management or other employees have an incentive or are under pressure that provides a reason to commit fraud. Circumstances exist that provide an opportunity for a fraud to be carried…

TRUE OR FALSE Under Sarbanes–Oxley Section 301 public company audit committees are directly responsible for the appointment, compensation and oversight of the work of any registered public accounting firm employed by their company.  Auditors are required by the Security and Exchange Commission to report to the audit committee of the publicly traded company all alternative treatments of financial information within generally accepted accounting principles that have been discussed with management officials. CFO and the audit committee depend heavily on one another

Question 8 organizations use the GAAP framework of internal control as a benchmark when assessing the effectiveness of internal control over financial reporting.  True  False

Tutor provide answer for this

! Required information Chapter 04 Problem 4-31 LO 4-6, 4-9 [The following information applies to the questions displayed below.] Management fraud (e.g., fraudulent financial reporting) is a relatively rare event. However, when it does occur, the frauds (e.g., Enron and WorldCom) can have a significant effect on shareholders, employees, and other parties. The PCAOB's AS 2401, Consideration of Fraud in a Financial Statement Audit, provides the relevant guidance for auditors. Chapter 04 Problem 4-31 Part c LO 4-6, 4-9 c. Select the items that are most likely to be objectives of the "brainstorming" meeting that is held among the engagement team members: Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. ?Share insights about the entity and its environment and the entity's business risks. ? Provide an opportunity for the team…

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QUESTION 21 Ethical behavior is most likely to be compromised when the personal ethics of businesspeople are high personal ethics of businesspeople are low corporate culture is strong corporate culture is weak

QUESTION 22 Match the term on the left with the appropriate definition or description on the left. A. A requirement of the Sarbanes-Oxley Act B. A group of measures intended to reduce or detect fraud C. A framework for assessing the risk of fraud D. The set of accounting rules that publicly traded companies must follow v Fraud triangle v Audited financial statements v Internal controls v Segregation of duties E. One specific measure taken to reduce the opportunity for fraud F. A licensing requirement for auditors of public firms v Cerified Public Accountant v GAAP

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sh7 please help me  Thankyou The Sarbanes-Oxley Act of 2002 was a necessary response to the corporate accounting scandals of the early 2000s. It brought much-needed reform to the regulatory framework for corporate accounting and reporting and increased the accountability of public companies and their auditors. While there are concerns about the costs of compliance and the impact on competitiveness, there is evidence to suggest that SOX has helped prevent fraudulent reporting and improve the quality of financial reporting. Nonetheless, there may be room for further improvement in the act's implementation to address any remaining issues and to ensure continued investor confidence in the US financial markets.

# 18: In 2001, the Enron scandal rocked the world of accounting. What is the name of Enron's external auditor, who failed to detect rampant fraud at Enron and was indicted for obstruction of justice for shredding documents related to the audit? A. Coopers & Lybrand B. Grant Thornton C. Pricewaterhouse D. Arthur Andersen a och Bola Josi to ipval txoa silt at bume

Required answer question 4 and 5

Question 1 (i) Which of the following will NOT be a likely ground to blow the whistle?A. When there are serious breaches of company rules and regulationsB. When somebody feels personally aggrievedC. When there are threats to human safetyD. When there are serious concerns about a possible fraud (ii) Which of the following is not an example of internal control risk?A. Risks of errors or fraud in accounting systems and accounting and finance activities.B. Risks that important laws and regulations will not be complied with properly.C. Risks that arise in the business environment and markets in which the company operatesD. The risk of losses resulting from inadequate or failed internal processes, people and systems or external events. (iii) Which of the following is NOT a statutory duty of a director?A. Duty to disclose any money received in connection of a transfer of company property.B. Duty to exercise due diligence in their work C. Duty to contribute an appropriate sum of money to the…

16 Which one of the following code of ethics, shows the way to professional accountant to comply with the relevant laws and regulations and should avoid any action that discredits the profession? a. Objectivity b. Confidentiality c. Professional Behavior d. Integrity

How can fraud be prevented in the making use of accounting information systems? How do ethics and internal control play key roles in reporting misstated financial statements? (Accounting Information System Tenth Edition by James Hall chapter 3)

42 A professional accountant is one who has expertise in the field of accountancy, achieved through formal education and practical experience. From the options given below identify which one statement does not the quality of professional accountant? a. A professional accountant contributes to the efficient allocation and management of resources b. A professional accountant benefits Board of Directors rather than shareholders c. A professional accountant benefits the society as a whole d. A professional accountant benefits the economy