Describe the Sarbanes Oxley Act and its impact on internal controls and financial reporting.
Describe the Sarbanes Oxley Act and its impact on internal controls and financial reporting.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Describe the Sarbanes Oxley Act and its impact on internal controls and financial reporting.
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Step 1
Internal Control
Internal control is a procedure for ensuring that an organization's objectives in operational effectiveness and efficiency, accurate financial reporting, and compliance with laws, rules, and policies are met, according to the definitions of accounting and auditing. Internal control is a comprehensive notion that encompasses all aspects of risk management for a company.
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