Sarbanes Oxley Act, Finance And Accounting

Question: Which of the following would be classified as an "issuer" under SOX?
A
A private company

B
A sole proprietor

C
An LLC

D
A publicly traded company

Note: Answer not sure
1. Report
Question: What does the board of directors do for a company?
A
Help prepare tax returns

B
Oversee the operations and provide corporate direction

C
Perform routine day to day finance activities

D
Sell stocks of the company

Note: Answer not sure
1. Report
Question: What are "financial disclosures"?
A
Information of how the firm could have made more money

B
Information included after financial statements which discuss additional information related to the financial numbers

C
Information about the taxes on the firm

D
Information about the budget

Note: Answer not sure
1. Report
Question: What is another name for the Sarbanes Oxley Act?
A
Public Company Accounting Reform and Investor Protection Act

B
The Tax Law Reform Act

C
Self Regulation Act for Corporations

D
Public Company Penalty Act

Note: Answer not sure
1. Report
Question: What makes for a "significant deficiency"?
A
More than a remote likelihood that a more than inconsequential misstatement will occur on the financial statements

B
When a process is documented

C
When a process has no risk factors

D
When there is no chance of a material misstatement on the financial statements

Note: Answer not sure
1. Report
Question: What is it meant to be accountable?
A
To do accounting work

B
To be responsible for an action

C
To hire others to do a job

D
To file taxes on time

Note: Answer not sure
1. Report
Question: What service can an audit firm still provide to a corporate client when engaged as auditors?
A
Accounting services

B
Tax services

C
Consulting services

D
Management services

Note: Answer not sure
1. Report
Question: What is the auditors role in a section 404 audit?
A
Assume that the management tells them the truth

B
Create the documentation themselves

C
Assume the firm is committing a fraud

D
Test transactions, verify management's assessments, evaluate testing done by others

Note: Answer not sure
1. Report
Question: What makes for a "material weakness"?
A
When an officer does not know of a process

B
More than a remote likelihood that a misstatement will not be prevented or detected

C
When a firm introduces a new procedure

D
When a firm hasn't documented its processes

Note: Answer not sure
1. Report
Question: How does an auditor gain confidence about a company's operating effectiveness?
A
Read press releases

B
Review the financial reports

C
Interview company personnel

Note: Answer not sure
1. Report

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Question: Which of the following would be classified as an "issuer" under SOX?

Question: What does the board of directors do for a company?

Question: What are "financial disclosures"?

Question: What is another name for the Sarbanes Oxley Act?

Question: What makes for a "significant deficiency"?

Question: What is it meant to be accountable?

Question: What service can an audit firm still provide to a corporate client when engaged as auditors?

Question: What is the auditors role in a section 404 audit?

Question: What makes for a "material weakness"?

Question: How does an auditor gain confidence about a company's operating effectiveness?