The Sarbanes-Oxley Act (SOX) mandates which of the following? a. Increased regulations related to auditor–client relations. b. Increased regulations related to internal control. c. Increased regulations related to corporate executive accountability. d. All of the above.

Q: According to the changes in financial reporting, which of the following are publicly traded…

A: Correct answer is  Audit committe of board of directors

Q: 7. The following items are the auditor's primary consideration with respect to the components of…

A: solution concept                 Auditor shall understand the internal control and its component as…

Q: Match each of the following provisions of the Sarbanes-Oxley Act (SOX) with its description.…

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

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: 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: Governmental auditing can extend beyond audits of financial statements to include audits ofan…

A:

Q: Who appoints the internal auditor? a. Management b. Government c. External stakeholders d. Members

A: Internal auditor performs internal audit functions.

Q: When completing the audit of internal controls for a public company the PCAOB requires auditors to…

A: PCAOB (Public Company Accounting Oversight Board) - It is the non profit organization that regulates…

Q: How does the Sarbanes–Oxley Act contribute to accurate and quality financial reporting by public…

A: Sarbanes Oxley Act:   Sarbanes Oxley Act is a federal law established auditing and financial…

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: 4. Two good governance practices for ensuring government accountability to the people are A…

A: A general report refers to the presentation of a complete picture of the financial statements of the…

Q: The Sarbanes–Oxley Act of 2002 generally prohibits public accounting firms froma. Acting in a…

A: The Sarbanes-Oxley Act of 2002 is a law the U.S. Congress gave July 30 of that year to help shield…

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

A: It is a system that includes the relationship and accountability of shareholders, the laws and…

Q: Which of the following best describes the main goal of any audit or due diligence project? A. Make…

A: Due diligence refers to review, investigation as well as audit which is performed to confirm the…

Q: The recommendations applicable to the accounts and audit includes:  a) The board should present a…

A: a) The board should present a balanced and understandable assessment of the company's position and…

Q: Who makes recommendations in relation to appointment, reappointment and removal of external auditor?…

A: Introduction: Auditing: Auditing means inspection of processes and Accounting books to eliminate the…

Q: The Sarbanes-Oxley Act A. requires the firm's CFO to personally vouch for the firm's accounting…

A: Sarbanes Oxley Act is made for the protection of the investors. It required CFO and CEO of the…

Q: Which of the following statements is correct? A.The external auditor is responsible for the…

A: Introduction:- Accounting is the art of recording, measuring, classification, presentation and…

Q: Audit committees have an essential role to play in ensuring the integrity and transparency of…

A: Audit committee is the committee formed by company which is entrusted with the responsibility to…

Q: The independence of the internal audit department will most likely be assured if itreports to the(1)…

A: Introduction: Auditing means a systematic examination of books to verify the authenticity and…

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: What role does the auditor play in gaining a knowledge of internal control? What is the difference…

A: Before completing audit processes, the auditor is responsible for knowing the organization's…

Q: For each requirement, state how it is intended to help to address the risk of fraud in publicly…

A: Answer: The risk of fraud is high in those companies which are not proactive on the part of…

Q: That companies must follow the laws and regulations including company law, tax law and environmental…

A: Internal controls are policies incorporated by the Management to safeguard the assets of the…

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: rights of the auditor

A: The statement a is correct because the auditor has the right to get all the information and…

Q: Governmental auditors’ independence and objectivity are enhanced when they report theresults of an…

A: Governmental audit: The process which evaluates the faithful and fair representation of financial…

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: Determine if government regulations such as SOX and PCAOB are effective in reducing unethical…

A: Following a series of failures involving several functions supposed to protect the interests of the…

Q: Which of the following statements is true of the Sarbanes−Oxley ​Act? A. All private…

A: Option A:  Sarbans Oxley act applies on all public companies and not on private companies. Therefore…

Q: What are the responsibilities of management described in Section 404 of the Sarbanes-Oxley Act? What…

A: Following are the responsibility of Management describe in section 404 of the Sarbanes-Oxley Act:…

Q: Which of the following is not a way by which the Sarbanes–Oxley Act attempts to ensure auditor…

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

Q: The Public Company Accounting Oversight Board (PCAOB) was created as part of a series of accounting…

A: As a part of the accounting reforms, PCAOB has been formed by the low of administration…

Q: If the auditor identifies any events or conditions that may cast significant doubt on the entity's…

A: Auditor is the person who is responsible for performing audit work in the organisation. Audit means…

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: Under Sarbanes–Oxley and PCAOB rules, ensuring that the auditor is independent inappearance is the…

A: Sarbanes-Oxley Act of 2002: The accounting guidelines provided to prevent fraudulent and…

Q: Which of the following statements about the auditor's responsibilities in public company audits is…

A: PCAOB is public companies accounting oversight board.  The board oversees the auditing of public…

Q: Explain one way the external auditor's responsibilities regarding a public company's system of…

A: Auditor is the independent personnel who is responsible to evaluate and check the accuracy and…

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…

Q: The Sarbanes-Oxley Act provides for requirements with respect to which committee(s) of a company's…

A: The Sarbanes-Oxley Act (or SOX Act) refers to a form of federal law incorporated by United states…

Q: What is meant by internal control based on the professional standards of a public accountant is: a.…

A: Internal control means a process of doing the work effectively so that objective can be achieved and…