Section 404(a) of the Sarbanes–Oxley Act requires management toissue a report on internal control over financial reporting. Identify the specific Section404(a) reporting requirements for management.

Q: (Sections 302 and 906) How do the officer certification requirements help to address the risk of…

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Q: 20. Below is an internal control associated with some financial statement audit cycle that the…

A: Internal controls are the procedures, rules and system which is established by the company to…

Q: True or false the audit committee is responsible for overseeing the entire financial reporting…

A: SOLUTION EXPLANATION- THE PRIMARY PURPOSE OF COMPANY'S AUDIT COMMITTEE IS TO PROVIDE OVERSIGHT OF…

Q: auditor's role in ensuring that rules and regulations

A: 1) Auditor shall obtain understanding of:          (a) Legal and regulatory framework…

Q: Which of the following are not the rights of the auditors? a) The right to all information and…

A: Option D none of the options given is the correct statement... All of the following are the rights…

Q: GAAP framework

A: organizations use the GAAP framework of internal control as a benchmark when assessing the…

Q: In addition to the preparation of financial statements, it is also the responsibility of those…

A: It is the responsibility of management  and Those charged with governance the  Financial statements…

Q: The following are selected portions of the report ofmanagement from a published annual report.REPORT…

A: a.

Q: Explain how serious regulatory lapses in the system is one of the difficulties associated with the…

A: The financial system is an system that facilitates the exchange of money and funds between the…

Q: Describe the provisions of the Sarbanes–Oxley Act as they relate to the creation and…

A: The Sarbanes-Oxley Act is a federal law established to uphold and ensure strict auditing and…

Q: The report on the effectiveness of internal control over financial reporting for companies filing…

A: Here asked for multiple question we will solve for 1st question according to guidelines.  If you…

Q: Which of the following is a preventive control?a. Reconciliation of a bank account.b. Recalculation…

A: Definition: Prevention control: Prevention control is an activity undertaken to avoid or prevent the…

Q: If the company is subject to PCAOB rules involving disclosure of control shortcomings (AS 1305),…

A: This question explains about internal control over financial reporting

Q: Policies and procedures that client management has established to meet its objectives for financial…

A: Financial reporting means circulation and sending of financial information and financial statements…

Q: Which of the following statements relating to internal and external auditors is correct? i. Internal…

A: Auditing is a process of examining the financial statements and internal control system of an…

Q: 47-Which of the following are not the rights of the auditors? a) The right to all information and…

A: An audit is an examination of the financial statement by an auditor to check whether the financial…

Q: One major difference between financial and management accounting is that A. financial accounting…

A: Financial accounting includes preparation and presentation of financial statements primarily to…

Q: Which of the following statements is not true with respect to the  auditors' report on internal…

A: An audit report is crucial in order to determine the reliability of the financial reports of an…

Q: 1)An auditor’s engagement letter most likely will include A.A request for permission to contact the…

A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…

Q: Section 401) How does this section relate to the Enron fraud? (Section 404) How do the management…

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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: Significant deficiencies in internal control are required to be reported a. Management of the unit…

A: A deficiency in internal control exists when the design or operation of a control does not allow…

Q: Assume that management had determined that its organization’saudit committee is not effective. How…

A: Here discuss about the details of weakness of the Audit committee which are affected into the…

Q: Under which clause of ISA, the auditor's responsibilities relating to prevention and detection of…

A: Auditor is the person who is responsible for audit work. Audit means examination or review of books…

Q: not the rights of the auditors

A: The statements a, b, c and d are wrong because they are the rights of the auditors. For the purpose…

Q: Independent Auditor is responsible for preparing the financial statements, establishing and…

A: Auditor refers to an individual whose main frame of work is to conduct a physical examination of all…

Q: The auditor’s primary consideration is whether, and how, internal control prevents, or detects and…

A: The answer for the theory question on Auditing is discussed hereunder :

Q: Question 1 According to the Committee of Sponsoring Organizations (COSO), the proper segregation of…

A: Combining the task of payment preparation and circulation to the employees means that all parts of…

Q: The probability that, in the absence of internal controls, material errors or frauds could enter the…

A: Inherent risk :       As the name suggests, it is the risk which is inherent in the omission or…

Q: “Audit committees do not prepare financial reports, nor do they conduct audits. But they have an…

A: An audit committee is an independent committee to ensure that the company is run ethically and…

Q: SOX legislation calls for sound internal control practices over financial reporting and requires…

A: Preventive Control:   Preventive controls are the controls which are used to keep a loss or an error…

Q: When accountants are not independent, which of the following reports can they nevertheless issue?a.…

A: Auditing:   Auditing is a gathering of information and evaluation of evidence as to report on the…

Q: Briefly discuss the role of the control accounts in the identification of missing figures in the…

A: The control accounts is a kind of adjustment account which gives a summary of a particular ledger…

Q: Which of the following is not a Sarbanes-Oxley Actrequirement intended to reduce fraud…

A: SOX or Sarbanes- Oxley Act came into force in 2002 after the biggest accounting scandal. The purpose…

Q: Which of the following best describes the responsibility of the CPA in performingcompilation…

A: Full form of CPA is Certified Public Accountants .Main responsibilities of a CPA are: Maintenance…

Q: The Sarbanes–Oxley Acta. requires the SEC to establish a federaloversight board for the accounting…

A: Sarbanes Oxley Act (SOX): SOX act is passed by the government to address the corporate scandals.…

Q: Under Sarbanes–Oxley Section 301 public company audit committees are directly responsible for the…

A: SOLUTION   EXPLANATION - THE AUDIT COMMITEE OF EACH ISSUER ,IN ITS CAPACITY AS A COMMITTEE OF BOARD…

Q: Explain how the financial internal audit process contributes to effective risk management, meeting…

A: Internal audit is the audit which is carried or done by the internal team of a company which a…

Q: Which of the following actions did the Treadway Commission recommend to reduce fraudulent financial…

A: Option (a) It recommends creating an organizational environment that helps the integrity of the…

Q: rimary role of internal controls in managing a business? a.To ensure that the financial statements…

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Q: From pages 4-1 and 4-2 of the VLN, the COSO Framework describes 5 components of internal control.…

A: Ans. B -   2 and 3 2. To help safeguard the company's assets. 3. To help improve the accuracy and…