The Sarbanes-Oxley Act requires the following?

Q: Discuss three general provisions of the Sarbanes-Oxley Act.

A: Sarbanes-Oxley Act (SOX) is a legal framework that requires corporate chiefs to ensure the precision…

Q: They apply to

A: Examples of like-kind properties: The like-kind properties should include assets that fall under the…

Q: What are the threats to independence?

A: Given below are the seven threats to auditor’s independence:   Self-review threat: It occurs when…

Q: Why does the FASB recommend the direct method over the indirect method?

A: Definition:   Financial accounting standards board (FASB): This is the organization that creates,…

Q: What is meant by the term antidilution? Give an example.

A: An increase in the earnings per share refers to anti-dilution. This results on account of the…

Q: Explain when you would issue a reservation of rights?

A: A reservation of rights is generally issued by insurance companies.

Q: What is Glass-Steagall Act?

A: Glass-Steagall Act splits up the investment and commercial banking segments of an investment bank.

Q: Provide the pros and cons of Sarbanes –Oxley Act (SOX).

A: Pros of Sarbanes Oxley Act 1. Crucial information cannot be witheld from customers By requiring that…

Q: What are the two prerequisites for the application of EAC

A: The Answer is about the two prerequisites for the application of EAC:

Q: What are the two preconditions for the use of EAC?

A: It is also called as EAC, is the yearly expense of owning and preserving a asset that is calculated…

Q: 3. What are the major components of The Sarbanes-Oxley Act?

A: Sarbanes Oxley Act is Act establishment by United States in order to protect the interest of the…

Q: Which of the following is NOT an antitrust law? the FTC Act the Smoot-Hawley Act the Robinson-Patman…

A: Antitrust law: It is a collection of federal and state government laws that regulate the conduct and…

Q: When is independence impaired under PCAOB standards?

A: Independence would be considered to be impaired if a covered member accepts more than a token gift…

Q: Which of the following s he violated?

A: An employee working in an organization must have some ethics and values. The employee should work…

Q: How does the Sarbanes-Oxley Act relate to internal controls?

A: Sarbanes-Oxley act was formed in 2002. It was made to restrict the fraudulent financial reporting.…

Q: Identify all major assumptions of the CAPM, how they can be violated, and the implications of these…

A: Capital Asset Pricing Model (CAPM) was developed by Willian F. Sharpe and John Linter keeping in…

Q: What are threats and safeguards to independence?

A: American Institute of Certified Public Accountants (AICPA):   It is an association of certified…

Q: Explain the difference between substantive and procedural due process.

A: Definition: Managerial accounting: Managerial accounting is the process of identifying, measuring,…

Q: How are IFRS and the codification related? Do you feel that IFRS adoption could happen without…

A: The question is related to International Financial Reporting Standards (IFRS) and Codification. The…

Q: Discuss the scope and penalties of Sarbanes Oxley Act.

A: The Sarbanes Oxley Act or the SOX was brought to force as a response to the substantial increase in…

Q: What are the Safeguards to independence?

A:

Q: When is independence required?

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Q: e has violated

A: Sale value ($90,000 + $60,000) $150,000 Less Cost of purchase ($100,000) Gross profit $50,000…

Q: Doctrine of Precedent?

A: Judicial precedent refers to the way in which the law is made and amended through the decisions of…

Q: If this scenario were brought to a NAFTA tribunal, Decom Mat would most likely win. Explain why.

A: NAFTA -North American Free Trade Agreement provides a framework for rule based dispute resolution…

Q: hat are the Sarbanes-Oxley Act and GAAP?

A: In order to reduce the fraud in corporations while recording financial transitions or preparing…

Q: What are the key points of the ‘‘Issuer and Management Disclosure’’ of the Sarbanes-Oxley Act?

A:

Q: The law "Sarbanes-Oxley" came about as result of

A: A Sarbanes-Oxley law made t to protect investors by improving the accuracy and reliability of…

Q: Is the threshold for recognizing a provision under IFRS different than it is under U.S.GAAP?…

A:

Q: Briefly describe the NBBO and the order protection rule. Whatregulation implemented them?

A: NBBO is a securities exchange commission regulation that requires brokers to trade at the best…

Q: What is USALI? Is it required under GAAP? Why would you use it?

A: USALI is Uniform System of Accounts for the lodging industry. The USALI states that all financial…

Q: What is covered by Regulation S–X?

A: Regulation S-X is a U.S. Securities and Exchange Commission rule that covers annual reports from…

Q: What transaction is covered by Maceda Law?

A: MACEDA LAW is also known as REALTY INSTALLMENT BUYER ACT, was approved in 26th August 1972 to…

Q: Why does the exclusion of the preemptive right ordinarily inconsequential?

A: Preemptive Rights: It is a contractual clause that gives the shareholders right or allows them to…

Q: For what purpose Form 2553 is required?

A: Form 2553   By completing IRS Form 2553, Election by a Small Business Corporation, businesses…

Q: What Is Section 1031? A brief explanation on this?

A: Answer : Section 1031 Provision of Internal Revenue Code Allows the Owners of Investment Property…

Q: Explain the Key Provisions of the Sarbanes-Oxley Act.

A: Due to a lot of financial scandals which occurred in the early 2000s particularly Enron Scandal,…

Q: What's the working for the first section $49,900?

A: A pension plan is usually an agreement between the employer and employee wherein, the employer…

Q: What is a restrictive endorsement? Explain with examples?

A: Restrictive endorsements:Restrictive endorsement restricts the use of a financial instrument. The…

Q: What is covered by Regulation S–K?

A: Securities and Exchange Commission (SEC):   The board which set rules for the companies for…

Q: Describe the Key Provisions of the Sarbanes-Oxley Act.

A: Due to a lot of financial scandals which occurred in the early 2000s particularly Enron Scandal,…

Q: Should they accept this special order?

A: In special order sales cases, question, sales orders should be accepted only when sales value is…