AUDITING+ASSURANCE SERVICES (LL)
11th Edition
ISBN: 9781266448119
Author: MESSIER
Publisher: MCG
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Question
Chapter 20, Problem 20.24MCQ
To determine
Introduction:
Sarbanes-Oxley Act, 2002, is an investor protection act that has been implemented to curtail fraudulent reporting, enhance corporate governance and safe guard the interest of investors, whistle blowers and users of pubic information published by companies.
The Sarbanes-Oxley act prescribes various provision on auditor qualifications, audit quality, protection of whistle blowers via making retaliation punishable and establishment of ‘Public Company Accounting Oversight Board’.
To select: The correct option.
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Students have asked these similar questions
Which of the following statements is true of the
Sarbanes−Oxley
Act?
A.
All private and foreign companies must issue an internal control report evaluated by an outside auditor.
B.
Accounting firms are allowed to provide both auditing services and a full range of consulting services to their public company clients.
C.
Those who commit securities fraud must be sentenced to 10 years in prison.
D.
The Public Company Accounting Oversight Board oversees the work of auditors of public companies.
Which of the following is not part of Sarbanes–Oxley?a. An increased duty on the part of auditors to identify financial statement fraud.b. A requirement that the CEO and CFO certify the financial statements.c. Increased penalties for destruction of records in federal investigations.d. Increased penalties for mail fraud and criminal violations of the Securities Exchange Actof 1934
Which action is not considered an act discreditable to the accounting profession? a) Being finally determined by a court of competent jurisdiction to have violated any of the federal antidiscrimination laws. b) Having a bank collect notes received from a client in payment of fees. c) Failing to follow standards and procedures established by governmental agencies in audits of grants by those agencies. d) Negligently permitting another to sign a document containing materially false and misleading information.
Chapter 20 Solutions
AUDITING+ASSURANCE SERVICES (LL)
Ch. 20 - Prob. 20.1RQCh. 20 - Prob. 20.2RQCh. 20 - Prob. 20.3RQCh. 20 - Prob. 20.4RQCh. 20 - Prob. 20.5RQCh. 20 - Prob. 20.6RQCh. 20 - Prob. 20.7RQCh. 20 - Prob. 20.8RQCh. 20 - Prob. 20.9RQCh. 20 - Prob. 20.10RQ
Ch. 20 - Prob. 20.11RQCh. 20 - Prob. 20.12RQCh. 20 - Prob. 20.13RQCh. 20 - Prob. 20.14MCQCh. 20 - Prob. 20.15MCQCh. 20 - Prob. 20.16MCQCh. 20 - Prob. 20.17MCQCh. 20 - Prob. 20.18MCQCh. 20 - Prob. 20.19MCQCh. 20 - Prob. 20.20MCQCh. 20 - Prob. 20.21MCQCh. 20 - Prob. 20.22MCQCh. 20 - Prob. 20.23MCQCh. 20 - Prob. 20.24MCQCh. 20 - Prob. 20.25MCQCh. 20 - Prob. 20.26PCh. 20 - Prob. 20.27PCh. 20 - Prob. 20.28PCh. 20 - Prob. 20.29P
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