Sarbanes Oxley Act, Finance And Accounting

Question: Where did the name Sarbanes Oxley come from?
A
2 lawyers who helped draft the act

B
Senator Paul Sarbanes and Representative Michael Oxley sponsored the act

C
2 Companies who committed fraud which inspired the act

D
Random choice

Note: Answer not sure
1. Report
Question: What is one of the primary, overall objectives of SOX regulations?
A
Become competitive in the global market

B
Create value in the stock market

C
Make management more accountable

D
Stop small companies from becoming larger

Note: Answer not sure
1. Report
Question: What is the penalty awarded to senior management for non compliance with SOX?
A
Simple corrective actions

B
Large fines

C
Small fines

D
Prison sentences

Note: Answer not sure
1. Report
Question: What are the requirements of section 404 of SOX?
A
Corporate officers must take an oath

B
Record keeping, Compliance, Prevention & Detection

C
Securities must be traded on a major exchange

D
Companies can not delist from stock exchanges

Note: Answer not sure
1. Report
Question: What method of documentation is required under SOX?
A
Drawings of processes

B
Only flow charts are necessary

C
Flowcharts along with reports of business processes

D
Written documentation only

Note: Answer not sure
1. Report
Question: What is the often criticized part of the act?
A
It created more corporate fraud

B
It won't help at all

C
The cost-benefit of implementing Sarbanes Oxley

D
It encourages good ethics

Note: Answer not sure
1. Report
Question: Who issues the COBIT standards?
A
The Securities and Exchange Commission

B
Internal Revenue Service

C
The IT Governance Institute

D
PCAOB

Note: Answer not sure
1. Report
Question: Why is it important to document all of the internal controls of the IT department?
A
To make them follow their own written rules

B
To gain auditor confidence

C
To mitigate tax obligations

D
All the company data is handled by IT, and if it is not handled correctly it could lead to erroneous reporting

Note: Answer not sure
1. Report
Question: What separation would be required between a company and its audit firm?
A
The audit firm can do taxes for the company

B
The SOX audit firm can not do accounting services for the company

C
The auditors must remain anonymous

D
The corporate officers can not leave the company during an audit

Note: Answer not sure
1. Report
Question: What is the SEC?
A
Senior Executive Commission

B
Securities and Exchange Commission

C
Securities Executive Control

D
Senior Executive Control

Note: Answer not sure
1. Report

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Question: Where did the name Sarbanes Oxley come from?

Question: What is one of the primary, overall objectives of SOX regulations?

Question: What is the penalty awarded to senior management for non compliance with SOX?

Question: What are the requirements of section 404 of SOX?

Question: What method of documentation is required under SOX?

Question: What is the often criticized part of the act?

Question: Who issues the COBIT standards?

Question: Why is it important to document all of the internal controls of the IT department?

Question: What separation would be required between a company and its audit firm?

Question: What is the SEC?