Explain in brief about the Sarbanes-Oxley Act of 2002.

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Answer 1

Question

Chapter I, Problem 1RQ

To determine

Explain in brief about the Sarbanes-Oxley Act of 2002.

Expert Solution & Answer

Explanation of Solution

Sarbanes Oxley Act (SOX): Sarbanes Oxley act, 2002 provides accounting guidelines to prevent fraudulent and misrepresentation in accounting practices performed in an organization. This act is enforced to provide protection to their investors or shareholders. This act fulfils corporate responsibility by disclosing facts related to financial reporting.

Sarbanes-Oxley Act was passed during the year 2002 by the government to address the corporate scandals that occurred in 2001 and 2002.
It helps in improving the reporting practice of the public companies.
Sarbanes-Oxley Act is one important provision that restricts the accounting firm from providing audit and management advisory services to the same company.

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The industrial enterprise "HUANG S.A." purchased a sorting and packaging machine from a foreign company on 1/4/2017 at a cost of €500,000. The useful life of the machine was estimated by the Management at ten (10) years, while the residual value was estimated at zero. For the transportation of the machine from abroad to the company's factory, the amount of €20,000 was paid on 15/4/2017. As the insurance coverage of the machine during transportation was the responsibility of the selling company, HUANG S.A. proceeded to insure the machine from 16/4/2017 to 15/4/2018, paying the amount of €1,200. The delivery took place on 15/4/2017. As adequate ventilation of the multifunction device is essential for its proper operation, the company fitted an air duct on the multifunction device. The cost of the air duct amounted to €2,000 and was paid on 20/4/2017. On 25/4/2017, an external electrician was paid €5,000 for the electrical connection of the device. The company also paid €5,000 to an…

Answer 2

Question

Chapter I, Problem 1RQ

To determine

Explain in brief about the Sarbanes-Oxley Act of 2002.

Expert Solution & Answer

Explanation of Solution

Sarbanes Oxley Act (SOX): Sarbanes Oxley act, 2002 provides accounting guidelines to prevent fraudulent and misrepresentation in accounting practices performed in an organization. This act is enforced to provide protection to their investors or shareholders. This act fulfils corporate responsibility by disclosing facts related to financial reporting.

Sarbanes-Oxley Act was passed during the year 2002 by the government to address the corporate scandals that occurred in 2001 and 2002.
It helps in improving the reporting practice of the public companies.
Sarbanes-Oxley Act is one important provision that restricts the accounting firm from providing audit and management advisory services to the same company.

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Answer 3

Question

Chapter I, Problem 1RQ

To determine

Explain in brief about the Sarbanes-Oxley Act of 2002.

Expert Solution & Answer

Explanation of Solution

Sarbanes Oxley Act (SOX): Sarbanes Oxley act, 2002 provides accounting guidelines to prevent fraudulent and misrepresentation in accounting practices performed in an organization. This act is enforced to provide protection to their investors or shareholders. This act fulfils corporate responsibility by disclosing facts related to financial reporting.

Sarbanes-Oxley Act was passed during the year 2002 by the government to address the corporate scandals that occurred in 2001 and 2002.
It helps in improving the reporting practice of the public companies.
Sarbanes-Oxley Act is one important provision that restricts the accounting firm from providing audit and management advisory services to the same company.

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Answer 4

Question

Chapter I, Problem 1RQ

To determine

Explain in brief about the Sarbanes-Oxley Act of 2002.

Expert Solution & Answer

Explanation of Solution

Sarbanes Oxley Act (SOX): Sarbanes Oxley act, 2002 provides accounting guidelines to prevent fraudulent and misrepresentation in accounting practices performed in an organization. This act is enforced to provide protection to their investors or shareholders. This act fulfils corporate responsibility by disclosing facts related to financial reporting.

Sarbanes-Oxley Act was passed during the year 2002 by the government to address the corporate scandals that occurred in 2001 and 2002.
It helps in improving the reporting practice of the public companies.
Sarbanes-Oxley Act is one important provision that restricts the accounting firm from providing audit and management advisory services to the same company.

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Answer 5

Chapter I, Problem 1RQ

To determine

Explain in brief about the Sarbanes-Oxley Act of 2002.

Expert Solution & Answer

Explanation of Solution

Sarbanes Oxley Act (SOX): Sarbanes Oxley act, 2002 provides accounting guidelines to prevent fraudulent and misrepresentation in accounting practices performed in an organization. This act is enforced to provide protection to their investors or shareholders. This act fulfils corporate responsibility by disclosing facts related to financial reporting.

Sarbanes-Oxley Act was passed during the year 2002 by the government to address the corporate scandals that occurred in 2001 and 2002.
It helps in improving the reporting practice of the public companies.
Sarbanes-Oxley Act is one important provision that restricts the accounting firm from providing audit and management advisory services to the same company.

Answer 6

Chapter I, Problem 1RQ

To determine

Explain in brief about the Sarbanes-Oxley Act of 2002.

Expert Solution & Answer

Explanation of Solution

Sarbanes Oxley Act (SOX): Sarbanes Oxley act, 2002 provides accounting guidelines to prevent fraudulent and misrepresentation in accounting practices performed in an organization. This act is enforced to provide protection to their investors or shareholders. This act fulfils corporate responsibility by disclosing facts related to financial reporting.

Sarbanes-Oxley Act was passed during the year 2002 by the government to address the corporate scandals that occurred in 2001 and 2002.
It helps in improving the reporting practice of the public companies.
Sarbanes-Oxley Act is one important provision that restricts the accounting firm from providing audit and management advisory services to the same company.

Answer 7

Chapter I, Problem 1RQ

To determine

Explain in brief about the Sarbanes-Oxley Act of 2002.

Answer 8

Expert Solution & Answer

Explanation of Solution

Sarbanes Oxley Act (SOX): Sarbanes Oxley act, 2002 provides accounting guidelines to prevent fraudulent and misrepresentation in accounting practices performed in an organization. This act is enforced to provide protection to their investors or shareholders. This act fulfils corporate responsibility by disclosing facts related to financial reporting.

Sarbanes-Oxley Act was passed during the year 2002 by the government to address the corporate scandals that occurred in 2001 and 2002.
It helps in improving the reporting practice of the public companies.
Sarbanes-Oxley Act is one important provision that restricts the accounting firm from providing audit and management advisory services to the same company.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. I - Prob. 1RQ Ch. I - Prob. 2RQ Ch. I - Prob. 3RQ Ch. I - Prob. 4RQ Ch. I - Prob. 5RQ Ch. I - Prob. 6RQ Ch. I - Prob. 11E Ch. I - Prob. 12E Ch. I - Prob. 13E

Explain in brief about the Sarbanes-Oxley Act of 2002.

Explain in brief about the Sarbanes-Oxley Act of 2002.

Explanation of Solution

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Chapter I Solutions