Question: Explain the difference between managements responsibility and the companys external auditors responsibility regarding the companys internal controls under Section 404 of the Sarbanes-Oxley Act.

Explain the difference between management’s responsibility and the company’s external auditors’ responsibility regarding the company’s internal controls under Section 404 of the Sarbanes-Oxley Act.

Step by Step Solution

★★★★★

3.42 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Under section 404 of the SOX Act the CEO and CFO have the responsibili... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

375-B-A-I-S (5284).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Explain the difference between internal and external fragmentation.

Sarbanes Oxley requires that per Section 404 that Internal Controls within a publicly held company are to be reviewed, evaluated and tested at year end to insure that adequate controls are in place....

Explain the difference between the arithmetic average return you calculated in Problem 10a and the geometric average return you calculated in Problem 10b. Are both numbers useful? If so, explain why.

Referring to the information of control environment factors below (very important) and the two interviews(YOUTUBE) and according to the case, generate a memo of Alchemy's internal environment based...

this is for company apple 2021 You may either go to the website for___ Apple, Inc. or the Securities and Exchange Commission to obtain a copy of the SEC Form 10-K (2017) and the Definitive Proxy...

Referring to the information of control environment factors below (very important) and the two interviews(YOUTUBE) and according to the case, generate a memo based on those all seven factors (one of...

1. Has your company issued any long-term bonds or notes in the most recent year? If so, read the note related to long-term debt, identify one of the bonds or notes and list any special features...

55 Who is primarily responsible for ensuring that a company complies with all relevant legal provisions? A The directors B The auditor C The regulatory authorities D All of the other options 56 Which...

6-21 6-22 6-24 6-28 please thank you 6-18 (onjtcims (8+10) Identify the management astertion and general bolance-related audit objecthve for the specifie balance-related audit objective: Ail reconded...

Post-SOX (Sarbanes-Oxley Act) academic research on internal control focuses on the characteristics of publicly listed companies disclosing material control weaknesses or the consequences experienced...

Mingei Co. produces and sells two products, BB and TT. It manufactures these products in separate factories and markets them through different channels. They have no shared costs. This year, the...

1) The current structure of financial markets can be best understood as the result of attempts by financial market participants to A) Adapt to continually changing government regulations. B) Deal...

Assume that the Fisher Effect holds and the nominal interest rate is 6 % while inflation is 3 % . Which of the following approximates the real interest rate? 3 . 3 5 % 2 . 9 1 5 None of the answers...

How does Source B help us to understand Bhutto's actions?

Courtney Delacey is the assistant chief accountant at BIT Company, a manufacturer of computer chips and cellular phones. The company presently has total sales of $20 million. It is the end of the...

The July 28, 2007, issue of the Wall Street Journal includes an article by Kathryn Kranhold entitled GEs Accounting Draws Fresh Focus on News of Improper Sales Bookings. Instructions Read the article...

Question Let ,ul and p2 denote true average densities for two different types of brick. Assuming normality of the two density distributions, test: H0: p1 ,uz = 0 versus Ha: _u.1 #2 0 Use the...

Cairo Cab, Inc.. uses two dispatchers to handle reauests for service and to dispatch the cabs. The telephone calls that are made to Cairo Cab use a common telephone number. When both dispatchers are...

Geary Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $931,200 is estimated to result in $310,400 in annual pretax cost savings....