Which of the following are required by the Sarbanes Oxley Act?Check all that apply.O The company's annual report must contain the CEO's assessment of the company'sinternal controlsO Audit firms must rotate off a client every 5 yearsOCFOS must consult with the audit committee before hiring an auditorO Companies must develop and enforce a code of ethics

Sarbanes Oxley Act- The Sarbanes Oxley Act requires all financial reports to incorporate an indoor…

Answered: Which of the following are required by…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following must be done If a resolution has been passed to remove the auditor ? i. Notify the Regulatory Authorities ii. Auditors must deposit statement of circumstances at company's registered office within 21 days of ceasing to hold the office iii. Auditors must deposit statement of circumstances at company's registered office within 14 days of ceasing to hold the office iv. Statement of circumstances must be sent to regulatory authority. Only i, ii and iv Only i and ii Only i and iii Only i , iii and iv
Which publicly traded companies must have their financial statements and internal controls audited by independent auditors in accordance with Generally Accepted Auditng Standards (GAAS)? All public companies that will recognize a loss in the current year Wendy's All public companies that have generated $50 million in revenue or more Apple All of these are correct
Which of the following is NOT a requirement of the Cadbury Code of Best Practice for board of directors of firms? Meeting regularly. Conducting monthly financial audits. Monitoring executive management. Retaining full and effective control over the company.
Master accounting
28. You are auditing one of your firm’s clients that is listed on a Stock Exchange. The client has an audit committee formed of three independent non‐executive directors, as recommended by its country’s code of corporate governance. If you believe that a member of this client’s management is involved in fraud, to whom should this matter first be reported? a. Finance manager b. The Internal auditors c. Those charged with governance of the company d. Accounts manager
The Sarbanes–Oxley Acta. requires the SEC to establish a federaloversight board for the accounting industry.b. requires CEOs to certify periodic financialstatements.c. subjects auditors, accountants, andemployees to imprisonment for destroyingfinancial documents.d. prohibits many types of consulting servicesby accounting firms.e. All of the above are true.
26. As per the corporate governance code, an audit committee should be set up and it should be comprised of minimum 3 nonexecutive directors. You are required to choose from the following the role of an audit committee. a. Decide the Directors remuneration b. Approve remuneration and terms of engagement of the external auditor c. Appoint all the Directors in a board d. Appoint the CEO of the company
uestion:1 A privately held company recently outsourced its information processing system to a CPA who also has been asked to conduct the year-end financial statement audit. Management accepts responsibility for the information processed by the CPA and the CPA will not assume the role of an employee in any way. The statement pertains to AICPA code of conduct rule: A. Commissions and Referral Fees C. Independence B. Confidential Client Information D. Integrity and Objectivity
The Public Company Accounting Oversight Board (PCAOB) was created as part of a series of accounting reforms in the Sarbanes-Oxley Act of 2002. The PCAOB is a Government-created entity with expansive powers to govern an entire industry. Every accounting firm that audits public companies under the securities laws must register with the PCAOB, pay it an annual fee, and comply with its rules and oversight. The PCAOB may inspect registered firms, initiate formal investigations, and issue severe sanctions in its disciplinary proceedings. While the Securities and Exchange Commission (SEC) appoints PCAOB members and has oversight of the PCAOB, it cannot remove PCAOB members at will, but only “for good cause shown,” “in accordance with” specified procedures. The SEC Commissioners, in turn, cannot themselves be removed by the President except for “inefficiency, neglect of duty, or malfeasance in office.” Parties with standing have challenged the constitutionality of the Sarbanes-Oxley Act’s…
1 what is the correct answer choice?
Management should address written representations about a firm's annual audit to the: 1. Shareholders 2. Auditor 3. Board of directors. 4. Firm's attorneys. O 1 O 2 O 3 4.

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