question 24-26

QUESTION 24 What does Section 404 of the Sarbanes-Oxley Act of 2002 requre? O a. A ten-year jail sentence and $1 million fine for violations of the act. Ob. Rotation of audit partners every five years. A statement by the company regarding the effectiveness of internal controls and a disclosure of any material weaknesses in a firm's internal control O d. Auditor independence, which prohibits audit firms from offering any services other than audit services. system QUESTION 25 What items are included in the notes to the financial statements? O a Summary of accounting policies. O b. Changes in accounting policies, if any. Oc Detail about particular accounts. Od. All of the above. QUESTION 26 What does an unqualified auditor's report indicate? O a. The financial statements unfairly and inaccurately present the company's financial position for the accounting period. O b. The financial statements present fairly the financial position, the results of operations, and the changes in cash flows for the company O c There are certain factors that might Impair the firm's ability to continue as a going concern. O d. Certain managers within the firm are unqualified and, as such, are not fairly or adequately representing the interests of the shareholders