Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Sarbanes - Oxley Act (SOX) requires all public companies to have an internal control system. Section 404 mandates that the company's annual report include

The Sarbanes - Oxley Act (SOX) requires all public companies to have an internal control system. Section 404 mandates that the company's annual report include an annual internal control report. Who has the primary responsibility for internal control? What is/are the primary purpose/goals of internal controls? What are the limitations of internal controls? What are the main components of a system of internal controls?

Step by Step Solution

3.44 Rating (157 Votes )

There are 3 Steps involved in it

Step: 1

Management is responsible for establishing and maintaining the control environment Auditors play a role in a system of internal controls by performing evaluations and making recommendations for improv... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9th Edition

978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475

More Books

Students also viewed these Accounting questions

Question

3. What makes the blind spot of the retina blindpg99

Answered: 1 week ago