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

Q: Companies are required to follow the laws and regulations including company law, tax law and…

A: Internal control procedures are those procedures which are adopted to ensure fulfilment of…

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

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

Q: Under the Public Financial Management Act, Audit Committees are required to play important roles in…

A: Audit Committees are required to play important roles in corporate governance and Accountability…

Q: The internal control system provides reasonable assurance that the company’s objectives are being…

A: Internal control:   Internal control can be defined as a process to ensure achievement of the…

Q: Each of these parties plays a role in the quality of financial reporting. Match each group with its…

A: Groups and functions:

Q: or in the implementation of cor

A: Auditing plays a key role in Corporate Social Responsibility (CSR) and corporate governance.…

Q: The Sarbanes-Oxley Act (SOX) mandates which of the following? a. Increased regulations related to…

A: Sarbanes-Oxley Act: This is the act passed by the government for safeguarding investors from…

Q: The IASB sets standards for: a. The private sector b. The public and private sectors c.The public,…

A: IASB:- International Accounting Standard Board is an independent private sector body that prepares…

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: Using any of the defunct banks as a case study, justify how this definition is in line or deviates…

A: Corporate governance provides the structure through which the objectives of the company are set and…

Q: Which of the following agencies issues independence rules for the auditors of public companies?a.…

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: "To maintain public confidence and trust in the financial reporting of companies" is the purpose of…

A: Sarbanes- Oxley: The act came in to force from 2002 year. The act is for protecting investors from…

Q: you consider Government Accounti

A: Governmental accounting keeps strict control over resources while also categorizing operations into…

Q: The objective of a system of corporate governance is to secure the effective, sound and efficient…

A: Investors care about the social and environmental governance factors of the company as much as the…

Q: The CPA states in his independent auditor’s report that he has examined the* a. Financial statements…

A: The CPA states in his independent auditor's report that he has examined the a. Financial statements…

Q: “IFAC defines the public interest as the net benefits derived for, and procedural rigor employed on…

A: Introduction: International Federation  of Accountant (IFAC): It is an international association for…

Q: The primary responsibility of the board is to ensure that it develops a clear understanding of the…

A: The primary responsibility of the board is to ensure that it develops a clear understanding of the…

Q: Which of the following is the federal, independent agency that provides oversight of public…

A:

Q: Explain the purpose of the Public Company Accounting Oversight Board.

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: One of the objectives of a system of corporate governance is to secure the effective, sound and…

A: An audit committee is the committee which is authoritative for taking the control of audit…

Q: According to the FASB conceptual framework, the objectiveof financial reporting for business…

A: FASB is an independent 7 member board, of accounting professionals overseeing the creation of…

Q: Since risks, such as credit, liquidity, default, technological, and legal risks, among others, may…

A: Market behavior: Market behavior is a broad economic phrase that encompasses consumer, company, and…

Q: Explain how governmental financial auditing is similar to anddifferent from audits of commercial…

A: Auditing: Auditing is an independent examination of financial statements. The set of financial…

Q: Write about the relevance and critical evaluation of fair value measurement in contemporary…

A: Fair value measurement: It is a market-based value rather than equity-specific prices and this price…

Q: The Federal Accounting Standards Advisory Board (FASAB) recommends accounting principles and…

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Managing business risk is the responsibility of the: * O Customers O Management Public Company…

A: The business risk is referred to as some situations, events, policies that can prevent a business…

Q: Why do we need internal, external and government auditor in a company?

A: An auditor is a person who is authorized to review and verify the correctness of financial documents…

Q: manager

A: Introduction: The process of the ownership getting transferred from the government to a private…

Q: What type of organization primarily offers tax compliance, auditing, and consulting services?…

A: corporations - The Main business of corporations are sale of goods and services with Profit Motive…

Q: firms must audit their resources at the corporate level

A: Resources are the available economic items of the firm with which it can operate business.

Q: ce firms are regulated primarily at the federal level and which at the state level? Can you see…

A: Step 1 International governments have several existing institutions that regulate and regulate…

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: Who are potentially the most effective instrument of good governance of a corporation? a. Government…

A: Corporate governance is the team which formulates, checks and implements rules and regulation of the…

Q: For a corporation in an industry with fewer rules, which of the following control goals in the…

A: The purpose of adopting Auditing procedures which are important to the Auditing work which has to be…

Q: Which of the following best describes the objectives of internal controls? O Ensuring the compliance…

A: Internal control is to ensure that organizations objectives are achieved and management is using its…

Q: Explain an agency problem for a corporation with examples, and identify means by which the firm can…

A: An agency problem is a common problem existing in firms which arises when a conflict of interest…

Q: Define agency problems, and describe how they give rise to agency costs. Explain how a firm’s…

A: Agency problems can be defined as the obstacles arising between management of company and…

Q: corporate governance

A: Option a is wrong because the term legal is not associated with corporate governance or…

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: What is the role of an internal auditor in enhancing good corporate governance

A: Internal auditor is an individual or firm which is internal to the organisation and he checks and…