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- Which of the following is true about the Sarbanes-Oxley Act? A. It was passed to ensure that internal controls are properly documented and tested by public companies. B. It applies to both public and smaller companies. C. It requires all companies to report their internal control policies to the US Securities and Exchange Commission. D. It does not require additional costs or resources to have adequate controls.8Sarbanes Oxley Act of 2002. include the achievements, failure, and challenges of SOX2002. A brief note to describe SOX and why it is enacted. Discuss the corporate scandals that occurred before the enactment of SOX Act and how those scandals could have been avoided if SOX was in place. The second phase of your analysis should discuss the corporate scandals occurred after the enactment of SOX Act clearly highlighting why Sox could not act as a deterrent to the scandals. Do you think there are any gaps in the act or the factors that led to the scandal are just beyond the purview of the SOX Act. Challenges before the SOX act as we move forward.
- 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.1. Which of the following statements is true? The CPA firm will lose its independence if: A. a staff auditor providing audit services to the client acquires stock in that client. B. a staff tax preparer who provides 15 hours of non-audit services to the client acquires stock in that client. C. an audit manager in an office different than the office providing audit services has a direct, immaterial financial interest in the audit client. D. an audit partner has an indirect, immaterial financial interest in an audit client that he is not in charge of. 2. The correct sequence of the paragraphs in the audit report should be: A. Basis of opinion – Explanatory paragraph – Opinion. B. Opinion - Basis of opinion – Explanatory paragraph. C. Opinion - Explanatory paragraph – Basis of opinion. D. Basis of opinion – Opinion – Explanatory paragraph. 3. The underlying reason for a code of professional ethics for auditing profession is: A. the need for public confidence in the quality of service of…1. (Political Motivations for Policies) Ever since the unethical actions of some employees of Enron Corp. first came to light, ethics in accounting has been in the news with increasing frequency. The unethical actions of the employees essentially involved their selection of certain accounting policies for the company. In many instances, GAAP does allow firms some flexibility in their choice of legitimate accounting policies. This is true, for example, in choosing an inventory cost formula. However, the company's choice of policies may ultimately be influenced by several specific factors. Instructions State three of these factors and explain why each of them may influence an accounting policy choice.
- Regarding Enron, this was a company that resulted in the creation of the Sarbanes-Oxley Act and many reforms to the accounting profession. Research the company and answer the following questions. Question 1: How did the members of the accounting firms violate the standards of integrity and credibility? Question 2: Do you believe the new standards that resulted from the Enron scandal to be adequate? Question 3: Name and explain two aspects of the Sarbanes - Oxley Act of 2002.Which of the following is/are true? 1: The board of directors has the power to act on behalf of the shareholders to hire and fire the operating management of the firm. In a legal sense, the directors are "principals" and the shareholders are "agents". II: The goal of financial managers does not imply that illegal or unethical actions should be taken in the hope of increasing the value of the the firm. III: IBEC Inc. of Toronto spends approximately $2 million annually to hire auditors to go over the firm's financial statements. This is an example of an indirect agency cost. IV: The triple bottom line is defined as a company's commitment to operate in an economically, socially and environmentally sustainable manner a. b. II, III and IV c. I, II and IV d. III and IV I, II, III and IV e. II and IV11. What we the qualities of a CRO? 12. What are the qualities of a CFO? 13. What are the qualities of the CDO? 14. What are the roles and responsibilities of the CGO? 15. What is the significance of quality finarcial statements and Other financial reporting information? 16. What factors can lead to a company engaging in corporate misconduct of misrepresenting their financial position? 17. Explain the terms of the phrase "organizational ethical culture-) 18 What are the steps required to make an ethical deasoon7 19 What are situational ethics? 20 What are the principles of business ethics and conduct?
- Which of the following statements is NOT a driver behind the development of Integrated Reporting ? Select one: а. Users are disappointed with the lengthy and disconnected information provided in financial reports. O b. Lack of connectivity between financial reporting and tax reporting. c. Release of ASX Corporate Governance Recommendation in 2019 that listed entity disclose whether it has any material exposure to environmental or social risks. d. The growing gap between book value and market value.The Bingabong CPA firm is swamped with work and is considering doing some outsourcing of tax work to a third-party service provider (TSP). Which of the following is an accurate statement regarding its responsibilities? Group of answer choices a. Outsourcing work to TSPs can threaten independence, but not objectivity or integrity. b. Outsourcing work to TSPs that provide only administrative support will likely not threaten objectivity and/or integrity. c. If Bingabong uses TSPs to perform substantive services and those TSPs are reputable, it need not inform clients before sharing confidential client information with the TSPs. d. If a client objects to Bingabong outsourcing services, Bingabong should investigate whether the client has legitimate grounds before proceeding.What has been the main thrust of recent changes in the financial reporting rules following the financial scandals of Enron, Worldcom, etc.? Multiple Choice To improve internal control over companies' financial reporting. To add to the work of the companies' external accountants. To force the companies to disclose more of their internal information. To provide incentives to increase their net income. < Prev 27 of 50 Next