Required a. Explain what the acronym SOX refers to. b. Define the acronym COSO and explain how

Question:

Required

a. Explain what the acronym SOX refers to.

b. Define the acronym COSO and explain how it relates to SOX.

c. Name and briefly define the five components of COSO’s internal control framework.

d. Define the acronym ERM and explain how it relates to COSO’s internal co n trol framework.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamental Financial Accounting Concepts

ISBN: 978-0078025907

9th edition

Authors: Thomas Edmonds, Christopher Edmonds

See More Books

Question Posted: Apr 20, 2015 07:22 AM

See More Questions

Name and briefly define the five components of COSOs internal control framework.
Briefly describe the five components of an accounting information system.
Describe the GRANT statement and explain how it relates to security. What types of privileges may be granted? How are they revoked?
For the following exercises, use shells to find the volume generated by rotating the regions between the given curve and y = 0 around the x-axis. 130. y = 1-x,x = 0, and x = 1 131. y = x, x = 0, and...
Winston-Salems general hospital has an emergency room that is divided into six departments: (1) the initial exam station, to treat minor problems and make diagnoses; (2) an x-ray department; (3) an...
Some 500 customers a day line up to buy Avalons breads, scones, muffins, and coffee. Staffing and management are worries. Avalon now employs 35 and plans to 15 more. Its payroll will climb by 30...
Cristal Haymeyer, CPA, pays her new staff accountant, Anika, a salary equivalent to $$25$ per hour, while Cristal receives a salary equivalent to $$40$ per hour. The firms predetermined indirect...
For SKU A3510 at the Hardware Warehouse, the order quantity has been set at 150 units each time an order is placed. The daily demand is normally distributed, with a mean of 12 units and a standard...
3. As. Mr. Cartwright's financial advisor, would you urge him to go ahead with, or to reconsider, his anticipated expansion and his plans for additional debt financing? As the banker, would you...
Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2022, Sandy worked as a computer technician at a local university, earning a salary of $152,000,...
Austin Co. established a petty cash fund by issuing a check for $300 and appointing Steve Mack as petty cash custodian. Mack had vouchers for the following petty cash payments during the month:...
As of May 31, 2016, the bank statement showed an ending balance of $26,100. The unadjusted Cash account balance was $27,350. The following information is available: 1. Deposit in transit, $6,981. 2....
A certain vent releases steam every 20 minutes. If the vent releases steam at 6:25 p.m., which of the following could be a time at which the vent releases steam? 9:15 p.m. 10:40 p.m. 11:00 p.m. 12:20...
Mega Skateboard Supplier had net sales of $ 3 . 7 million, its cost of goods sold was $ 1 . 4 million, and its net income was $ 0 . 9 million. What will be Its gross margin ratio?
The journal is shared between you and the course faculty. Please in your first post, please recount how the first three weeks have gone. How was the learning experience? What do you need to support...
You have been offered a work placement at a migration agency. You just received your registration as a migration agent yesterday. Your supervisor has sought the permission from a client for you to...
My question is to Address how and whether the social media claim accords with the article. . Does it seem to be correct, partially correct, incorrect? . How does the original article differ from or...
Perceiving a difference in one's ideal and actual situations is the initial stage of the purchase decision process, one that is known as?
1. Vehicles are depreciated at 20% per annum on the straight-line basis. 2. The business considers the residual value on the vehicles to be 25% on cost. 3. Depreciation on equipment is calculated at...
Accounting policies and practices that are most important to the portrayal of the companys financial condition and results, and require managements most difficult, subjective, or complex judgments...
The Huffman School of Vocational Technology has organized the school training programs into three departments. Each department provides training in a different area as follows: nursing assistant,...
Eagle Airlines is a small airline that occasionally carries overload shipments for the overnight delivery company Never-Fail, Inc. Never-Fail is a multimillion-dollar company started by Wes Never...
Eagle Airlines is a small airline that occasionally carries overload shipments for the overnight delivery company Never-Fail, Inc. Never-Fail is a multimillion-dollar company started by Wes Never...
Provide an overview of the best practices in risk identification during the risk identification step.
Explain what role does "Lead Time and Process Speed" play in the implementation of Lean Six Sigma?
In recent years, some Walmart workers have staged public protests about inadequate wages and unfair treatment. A number of these employees claim that management has retaliated against them for...

Required a. Explain what the acronym SOX refers to. b. Define the acronym COSO and explain how

Question:

Step by Step Answer:

a SOX refer to the SarbanesOxley Act of 2002 b COSO stand for The Committee of Sponsoring Organizati...View the full answer

Fundamental Financial Accounting Concepts

Students also viewed these Cost Accounting questions