$3$ Part Written Response

PART $1-$ Identify and explain the FASB's TWO fundamental characteristics of useful $($or quality$)$ information, and describe at least $2$ of the $3$ components of each. Chocse at least one of the "enhancing characteristics" to help you explain.

PART $2-$ Then relate the characteristics of useful information to your understanding of the SOX Act. How does the SOX Act reinforce the fundamental characteristics? In this part of your answer, be sure to include the following: the definition of internal control, at least $2$ significant impacts of SOX $($include reference to particular sections or titles, but you don't have to use the full or proper name for each title or section as long as I understand you.$)$

PART $3-$ Finally, how would the lack of a good SDLC process affect a company's ability to feel confident they are in compliance with SOX. $($It might help you to describe the phases and how those relate to the $3$ major "technology" themes.$)$