Auditing and Assurance Services (16th Edition)
16th Edition
ISBN: 9780134065823
Author: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
Publisher: PEARSON
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Question
Chapter 11, Problem 2RQ
To determine
Identify the two aspects of internal controls that must be assessed by the management when reporting with Section 404 of Sarbanes-Oxley Act.
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1.What is management's responsibilities for reporting internal control under Section 404 Sarbanes Oxley Act
what are some examples of internal controls? How are internal controls related to the Sarbanes-Oxley legislation? Separately, what is the role of the internal audit function in an organization, and how does this function relate to internal control?
What is the basic relationship between the effectiveness of the client’s internal control and the necessary effectiveness of substantive procedures?
Chapter 11 Solutions
Auditing and Assurance Services (16th Edition)
Ch. 11 - Prob. 1RQCh. 11 - Prob. 2RQCh. 11 - Prob. 3RQCh. 11 - Prob. 4RQCh. 11 - Prob. 5RQCh. 11 - Prob. 6RQCh. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - Prob. 10RQ
Ch. 11 - Prob. 11RQCh. 11 - Prob. 12RQCh. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Prob. 16RQCh. 11 - Prob. 17RQCh. 11 - Prob. 18RQCh. 11 - Prob. 19RQCh. 11 - Prob. 20.1MCQCh. 11 - Actions, policies, and procedures that reflect the...Ch. 11 - Prob. 20.3MCQCh. 11 - Prob. 21.1MCQCh. 11 - Prob. 21.2MCQCh. 11 - Prob. 21.3MCQCh. 11 - Which of the following correctly describes an...Ch. 11 - Prob. 22.2MCQCh. 11 - Prob. 22.3MCQCh. 11 - Following are descriptions of ten internal...Ch. 11 - Prob. 24DQPCh. 11 - The following are misstatements that have occurred...Ch. 11 - Prob. 26DQPCh. 11 - Prob. 27DQPCh. 11 - Prob. 28DQPCh. 11 - Prob. 29DQPCh. 11 - Prob. 30DQPCh. 11 - Prob. 32C
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Similar questions
- Which of the following i not an element of internal control?A. Control environmentB. MonitoringC. Compliance with laws and regulationsD. Control proceduresarrow_forwardWhat are management’s and auditors’ respective responsibilities regarding internal control?arrow_forwardWhat is the definition of internal control, and what are thefive components of COSO’s internal control framework?arrow_forward
- What are the responsibilities of management described in Section 404 of the Sarbanes-Oxley Act?arrow_forwardWhy is the reporting of control procedures required and who requires it?arrow_forwardLook at the definition of “internal control” For each internal control objective, what does it cover and why is it importantarrow_forward
- What is the link between the internal control environment and accountability?arrow_forward_____, which constitute one of the most important elements of internal control, include separating responsibilities for related operations. Control procedures Risk assessment activities Information and communication activities Risk monitoring proceduresarrow_forwardWhat are management's and auditors' relative internal control responsibilities?arrow_forward
- Which among the following is not a principle relating to control activities? a. Management designs control activities to achieve its objectives. b. Management designs its information systems and related control activities to achieve its objectives and respond to risks. c. External auditor implements the control activities to achieve its objectives and respond to risks d. The agency implements control activities through policies and procedures.arrow_forwardDiscuss limitations to establishing the system of internal controls at organization.arrow_forwardWhich of the following is NOT included in the concept of internal control? O entity's resources O entity's processes O entity's culture O entity's external auditorsarrow_forward
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