Answer in typing The benefits of self-reporting to the OIG includes some of the following:(Select all that apply).A reduction in the probability of a CIA and its extensive monitoring requirementsA possible opportunity to negotiate a settlementA firm guarantee of a reduction in civil penaltiesDemonstrates transparency and proactivity to regulatorsReduces the probability of jail time

In the United States, there is a state agency called Office of Inspector General (OIG). The purpose…

Answered: self-reporting to the OIG

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter1: Comprehensive Cases

Section1.7: Navistar International Corporation

Problem 7Q

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Which of the following is not a Sarbanes-Oxley Actrequirement intended to reduce fraud opportunities?a. Increase fines and jail sentences for fraud perpetrators.b. All public companies establish an audit committee ofindependent directors.c. Management of all public companies evaluates andreports on the effectiveness of internal control overfinancial reporting.d. External auditors of large public companies evaluateand report on the effectiveness of internal control overfinancial reporting.
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Which 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.

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