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Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127

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BuyFindarrow_forward

Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127
Textbook Problem

How does the Sarbanes-Oxley Act of 2002 affect the GL/BR process?

Summary Introduction

To explain: The impact of the Sarbanes-Oxley act of 2002 on the GL/BR process.

Introduction:

General ledger/business reporting process (GL/BR):

General ledger can be defined as the central data repository needed to develop the business reports. The business reports and other forms of information generation are all derived from the general ledger data repository. The GL/BR process is considered as a central activity of the accounting information systems.

Explanation

The impact of the Sarbanes-Oxley act of 2002 on the GL/BR process:

  • Section 302 states that the CEO and CFO must certify that the financial statements are true and does not false financial data or omission of critical financial information.
  • Section 401 states that financial statement must clearly and precisely depict the economic stability of the organization...

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