Sarbanes Oxley Act, Finance And Accounting

Question: What ban has been placed on directors of a company during a pension fund blackout period?
A
They can not retire

B
They can not operate the company

C
They can not buy or sell the company stock

D
They can not come to work

Note: Answer not sure
1. Report
Question: What is the requirement for procedures and listing all risk factors and mitigating factors?
A
There is no obligation to list either

B
Risk factors must be listed but mitigating factors are not necessary

C
Mitigating factors must be listed but not risk factors

D
All procedures have risks and they must be listed along with the mitigating factor

Note: Answer not sure
1. Report
Question: Which of the following high profile companies was one of the cornerstones of the financial fraud problems?
A
AT&T

B
WorldCom

C
Dell

D
Microsoft

Note: Answer not sure
1. Report
Question: What is a SAS 70 report?
A
A final report the company puts out

B
The auditors report

C
An audited financial statement

D
A report from an outside vendor, attesting to their compliance as well with SOX

Note: Answer not sure
1. Report
Question: What is the main goal of the act regarding the public?
A
To increase stock prices

B
To regain investor confidence in companies and their financial reporting

C
To stop the market from crashing

D
To encourage investors to invest over seas

Note: Answer not sure
1. Report
Question: What is the documentation requirement for off balance sheet transactions?
A
There is no requirement if not on a financial statement

B
They must be written down but not disclosed

C
As long as management knows of them no documentation is required

D
Companies must disclose any transactions that may have a material effect on the company in the future

Note: Answer not sure
1. Report
Question: What is the best method for an auditor to gain an understanding of a company's procedures?
A
Walk throughs

B
Talk to management

C
Talk to secretaries

D
Do the job themselves

Note: Answer not sure
1. Report
Question: What was the original compliance deadline date for companies?
A
December 31, 2010

B
December 31, 2007

C
December 31, 1998

D
May 28, 2008

Note: Answer not sure
1. Report
Question: What is meant by "compliance"?
A
Complying with the SEC

B
Complying with the IRS

C
Complying with local taxing authorities

D
Complying with all aspects of the Sarbanes Oxley Act

Note: Answer not sure
1. Report
Question: What has to be done in the documentation for Section 404?
A
The documentation must be done in a special program

B
All company procedures must be written, along with both risk factors and mitigating risk factors in place

C
The documentation has to be presented in at least 2 languages

D
The documentation must name who is responsible for specific acts

Note: Answer not sure
1. Report

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Question: What ban has been placed on directors of a company during a pension fund blackout period?

Question: What is the requirement for procedures and listing all risk factors and mitigating factors?

Question: Which of the following high profile companies was one of the cornerstones of the financial fraud problems?

Question: What is a SAS 70 report?

Question: What is the main goal of the act regarding the public?

Question: What is the documentation requirement for off balance sheet transactions?

Question: What is the best method for an auditor to gain an understanding of a company's procedures?

Question: What was the original compliance deadline date for companies?

Question: What is meant by "compliance"?

Question: What has to be done in the documentation for Section 404?