Explain the difference between managements responsibility and the companys external auditors responsibility regarding the companys internal controls

Question:

Explain the difference between management’s responsibility and the company’s external auditors’ responsibility regarding the company’s internal controls under Section 404 of the Sarbanes-Oxley Act.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Information Systems The Processes and Controls

ISBN: 978-1118162309

2nd edition

Authors: Leslie Turner, Andrea Weickgenannt

See More Books

Question Posted: Dec 30, 2014 05:41 AM

See More Questions

Explain the difference between internal and external fragmentation.
Sarbanes Oxley requires that per Section 404 that Internal Controls within a publicly held company are to be reviewed, evaluated and tested at year end to insure that adequate controls are in place....
Explain the difference between the arithmetic average return you calculated in Problem 10a and the geometric average return you calculated in Problem 10b. Are both numbers useful? If so, explain why.
11. Calculate the expected return and standard deviation for the risky portfolio on the CAL (with or without borrowing) and for the investor's complete portfolio on the CAL. 8(,1)% Std dev= 30 25 18...
Costco sells a set of Velox custom vehicle wheels for $529.00. They cost $278.00. Find the rate of markup based on cost and based on selling price. Round to the nearest tenth of a percent.
Research on the use of skin-shock punishment in the treatment of self-injurious behavior: (a) shows many side effects of punishment (b) indicates that skin shocks have no effect on non-targeted...
On January 1, 2009, NewTune Company exchanges 15,000 shares of its common stock for all ofthe outstanding shares of On-the-Go, Inc. Each of NewTunes shares has a $4 par value and a $50 fair value....
Refer to the information in Exercise 10-4. Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation.
> Question 2 To maximize his/her potential upside returns an investor who was BULLISH on a particular stock would execute which of the following options strategies: O write puts O buy puts O write...
The controversy over expensing of ESOs can be analyzed as a non- cooperative game. Let the two players be the standard setter and the large, powerful corporations that wish to prevent expensing. Each...
Explain the relationship between Section 401 of the Sarbanes-Oxley Act and the concept of transparency.
Explain why Section 409 of the Sarbanes-Oxley Act has placed more pressure on members of IT departments within public companies.
In June 2008 , Gillian was given shares with a market value at that time of 6,000. In November 2015 she made a successful claim to the effect that these shares now had a negligible value of only 80....
What makes a set of objects a vector space? You will no doubt want to refer to notes and the text, but I'd like you to summarize it for starters. If you have identified a vector space, for example...
Walla Walla Company is in its planning stage for next year. Walla Walla expects a big Quarter 3 and is creating a production budget to determine if it needs to hire more employees. Walla Walla knows...
Task: P9 P9a P9b P9c P9d Describe the principles and applications of electromagnetic induction Describe using a series of bullet point statements, how transformers work and how their operation...
Based on the given information, analyse company's financial health and provide future projections. Unit FY16 FY17 FY18 FY19 Sales Rs. Cr 134 245 371 1,159 PAT Rs. Cr (281) (585) (78) (571) Assets Rs....
OBJECTIVE QUESTIONS 1. In each of the following only one statement/item is correct. State which. (i) Financial Accounting helps in (a) ascertaining the financial position of the concerned firm, (b)...
The production manager at Ace Manufacturing is contemplating whether he should upgrade some old production equipment. He is considering the following factors: Required: For each item listed, indicate...
TRUE OR FALSE: 1. Banks with a significantly large share of fixed-interest rate home loans are less exposed to interest rate risks. 2. Although Australian banks are pretty big, they are not...
A cannon tilted up at a $30^{\circ}$ angle fires a cannon ball at $80 \mathrm{~m} / \mathrm{s}$ from atop a 10-m-high fortress wall. What is the ball's impact speed on the ground below? Ignore...
The July 28, 2007, issue of the Wall Street Journal includes an article by Kathryn Kranhold entitled GEs Accounting Draws Fresh Focus on News of Improper Sales Bookings. Instructions Read the article...
The July 28, 2007, issue of the Wall Street Journal includes an article by Kathryn Kranhold entitled GEs Accounting Draws Fresh Focus on News of Improper Sales Bookings. Instructions Read the article...
In their annual reports to stockholders, companies must report or disclose information about all liabilities, including potential liabilities related to environmental clean-up. There are many...
Imagine you are an Investor in the Stock Market. Identify three companies in the Korean Stock Market (KOSPI) where you would like to invest. Explain your answer
Domino is 4 0 years old and is married out of community of property with the exclusion of the accrual system to Dolly ( 3 5 ) . They have one child, Domonique, who is 1 1 years old. Domino resigned...
YOU ARE CREATING AN INVESTMENT POLICY STATEMENT FOR JANE DOE General: 60 years old, 3 grown children that are living on their own and supporting themselves. She is in a very low tax rate so we don't...

Explain the difference between managements responsibility and the companys external auditors responsibility regarding the companys internal controls

Question:

Step by Step Answer:

Under section 404 of the SOX Act the CEO and CFO have the responsibili...View the full answer

Accounting Information Systems The Processes and Controls

Students also viewed these Accounting questions