The Sarbanes-Oxley legislation requires companies to report on the effectiveness of their internal controls. What are internal

Question:

The Sarbanes-Oxley legislation requires companies to report on the effectiveness of their internal controls. What are internal controls and their purpose? Why do you think Congress felt it to be such an important area to monitor and report?

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9781618533111

6th Edition

Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman

See More Books

Question Posted: Oct 15, 2021 01:54 AM

See More Questions

Why do you think companies use revenue recognition as a primary means for inflating profits?
Why do you think companies that practice good corporate governance tend to be successful in business?
What is "portability"? Why do you think it is (or isn't) important to a recent college graduate?
In Exercises 7-9, find the indicated measure. The area of a circle is 380 square inches. Find the radius.
Revisit the SETAR model for the 3-month Treasury Bills in Section 16.2.1 using the updated time series from Exercise 2. Does the SETAR model proposed in Section 16.2.1 hold? Change the value of the...
At January 1, 2014, Archer Co.s PBO is $500,000 and the fair value of its pension plan assets is $630,000. The average remaining service period of Archers employees is 12 years. The AOCInet actuarial...
A metal pipe is held vertically, and a bar magnet is dropped into it. What do the electric field lines in the pipe look like as the magnet falls through it?
John Sasson and Emily Springer met in January 2002. John worked for the U.S. Army as an engineer. Emily was an attorney with a law firm. Six months later, John bought a townhouse in Randolph, New...
(a) X Ltd. is studying the possible acquisition of Y Ltd. by way of merger. The following data are available in respect of both the companies. Particulars Market Capitalization (Rs.) Gross Profit...
Martha, the HIM director for Richmond Medical Center, has lost her third release information technician in the past year. It seems as though shortly after the new hire has passed the probationary...
Determine the missing amount from each of the separate situations (a), (b), and (c) below. Which of these companies is more owner-financed? Which of these companies is more creditor-financed? (S...
Assume that you are a technology services provider and you must decide whether to record revenue from the installation of computer software for one of your clients. Your contract calls for acceptance...
Below is the comparative income statement of Horton, Inc. Requirements 1. Prepare a horizontal analysis of the comparative income statement of Horton, Inc. Round percentage changes to the nearest...
Mary wants an FHA loan to buy a house. She would have these monthly expenses: $536.82Principal and Interest ($100,000 at 5% for 360 months) $ 53.00Property Taxes $ 25.00Homeowners Insurance $...
3) A uniform beam of length 60 cm weighs 10 N.Its centre of gravity (the point where its weight can be assumed to act)is at its centre.A weight of 800 N rests at one end of the beam as shown, and the...
Consider the following Java code. private static void m(int[] a) throws ArrayIndexOutOfBoundsException { try { } for (int i = 0; i
Fund statements for governmental funds use the current financial resources measurement focus and the ______ basis of accounting. Multiple choice question. accrual modified accrual modified cash cash
A CVP graph such as the one shown below is a useful technique for showing relationships among an organization's costs, volume, and profits. 2 8 Required: 1. Identify the numbered components in the...
Tamar wants to cut down a large, dead poplar tree with her chain saw, but she does not want it to fall onto the nearby gazebo. Yoojin comes to help with a long rope. Yoojin, a physicist, suggests...
Use this circle graph to answer following Exercises. 1. What fraction of areas maintained by the National Park Service are designated as National Recreation Areas? 2. What fraction of areas...
1. Researchers wanted to see how two new varieties of fish food compare to a commonly used food. They took 180 similar fish and assigned them randomly to three different tanks. The fish in tank 1...
LPMI, an exchange traded fund, provides investors with daily results equal to 250% of the performance of the Precious Metals Index. The daily returns of the Precious Metals Index over the prior five...
You have two call options for the same share. The first has an expiry date in 1 month and the second in 1 year. Implied volatility for the underlying share is high. Everything else being equals,...

The Sarbanes-Oxley legislation requires companies to report on the effectiveness of their internal controls. What are internal

Question:

Step by Step Answer:

Internal controls are rules and procedures that involve monitoring an organizations ...View the full answer

Financial Accounting

Students also viewed these Business questions