Sarbanes Oxley Act

  1. Question: What is the requirement regarding code of ethics for companies under SOX?

    A
    Companies must have a code of ethics

    B
    Code of ethics should be loosely followed

    C
    Companies must have an elaborate code of ethics

    D
    Companies must disclose if they have adopted a code of ethics

    Note: Answer not sure
    1. Report

  2. Question: What was the main reason behind the act to be drafted?

    A
    Accounting scandals in the United States unraveled and created financial ruin for several companies

    B
    It was scheduled to happen every 50 years

    C
    Stock market crash

    D
    Inflation problem

    Note: Answer not sure
    1. Report

  3. Question: Why are whistleblowers protected under law now?

    A
    Due to public outcry

    B
    To help the economy

    C
    Out of good faith

    D
    Often times only company insiders will be the ones who know about illegal activities in a company, and the fear of retaliation must be removed through legal protection

    Note: Answer not sure
    1. Report

  4. Question: What is the new maximum prison term for executives who impede an official investigation?

    A
    5 years

    B
    20 years

    C
    100 years

    D
    Life in prison

    Note: Answer not sure
    1. Report

  5. Question: What is the first step in implementing Sarbanes Oxley compliance?

    A
    Having executives sign off that the firm is compliant

    B
    Having an audit completed

    C
    Creating proper documentation of accounting and other departments processes

    D
    Going public

    Note: Answer not sure
    1. Report

  6. Question: What is COBIT?

    A
    Control Objectives for Information and Related Technology

    B
    Software used in documentation

    C
    Name of the main audit firm

    D
    Control of Best Internal Transactions

    Note: Answer not sure
    1. Report

  7. Question: What is a commonly used acronym for Sarbanes Oxley Act?

    A
    SOA

    B
    SOB

    C
    SOX

    D
    SAD

    Note: Answer not sure
    1. Report

  8. Question: What is meant by "top down" testing?

    A
    Starting with low level procedures

    B
    Starting with processes which have no risk

    C
    Starting with the highest priority key controls for testing

    D
    Starting with the financial statements

    Note: Answer not sure
    1. Report

  9. Question: What is the best way to ensure that the documentation is complete?

    A
    Ask employees to do a good job

    B
    Have an accountability partner who reviews the documenters work

    C
    Hire an outside firm

    D
    Assume everything is correct

    Note: Answer not sure
    1. Report

  10. Question: How can companies accelerate their documentation process?

    A
    Assigning one employee to the task

    B
    Purchasing "canned" lists which help cover generalized processes

    C
    Spread it out over a year

    D
    Have a secretary do all the documentation

    Note: Answer not sure
    1. Report
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