Finance And Accounting

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
Question: What must a legal firm which learns of a corporate client's illegal activities do under SOX?
A
Nothing

B
Help the company hide the illegal activity

C
Tell the IRS of the wrong doing

D
Alert the SEC to the wrong doing before withdrawing from the client

Note: Answer not sure
1. Report
Question: What would an auditor look for and test on a financial statement?
A
That balances are accurate and reflect the transactions performed by the company

B
That the company made money

C
That the company is performing close to budget

D
That key ratios are accurate

Note: Answer not sure
1. Report
Question: What purpose does performing walkthroughs serve?
A
Allow the auditor to meet people

B
Allow the auditor to experience documented procedures himself

C
Allow the auditor to do the job himself

D
Allow the auditor time to access how capable management is

Note: Answer not sure
1. Report
Question: What is a primary debatable issue regarding the act and its effect on United States based companies compared to other countries?
A
It makes them more ethical than before

B
It makes the stock market more fluid

C
It adds a burden to them, both cost and regulatory

D
It doesn't stop fraud

Note: Answer not sure
1. Report
Question: What is testing for "design effectiveness"?
A
Testing if documentation is done completely and accurately

B
When the auditor tests if internal controls are truly working

C
Testing if financial statements meet GAAP requirements

D
Testing if the documenters know how to create flow charts

Note: Answer not sure
1. Report
Question: What does an auditor do?
A
Maintains the accounting records

B
Performs the tax returns for a company

C
Helps cover up potential issues

D
Verifies the accuracy of the accounting records

Note: Answer not sure
1. Report
Question: What is the disclosure requirement for company management regarding any transactions involving their personal holdings in the company?
A
They do not need to be disclosed

B
They must be disclosed within 7 days

C
The firm can chose to disclose or not to disclose

D
They must be disclosed within 2 days

Note: Answer not sure
1. Report
Question: hat does SOX state regarding personal loans from the company to executives?
A
They are forbidden

B
They can make them freely

C
They must pay them back within 10 years

D
They can do them, but other employees should not be aware of it

Note: Answer not sure
1. Report

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Question: What is meant by "compliance"?

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

Question: What must a legal firm which learns of a corporate client's illegal activities do under SOX?

Question: What would an auditor look for and test on a financial statement?

Question: What purpose does performing walkthroughs serve?

Question: What is a primary debatable issue regarding the act and its effect on United States based companies compared to other countries?

Question: What is testing for "design effectiveness"?

Question: What does an auditor do?

Question: What is the disclosure requirement for company management regarding any transactions involving their personal holdings in the company?

Question: hat does SOX state regarding personal loans from the company to executives?