Please expand on this and cite reference. Please type as hand written is difficult to read.

Complete question 7-22 from the textbook. Your initial post should be approximately 250-500 words and cite at least one reference used in preparing your response. Participate in follow-up discussion by commenting on your classmates posts or responding to follow-up questions posted by your instructor.

722. Distinguish between the two subsections of Section 404 of the Sarbanes-Oxley Act of 2002.

Section 404 is composed of two distinct sections. 1 Section 404(a) , which applies

to all public companies, requires that each annual report fi led with the Securities and

Exchange Commission include an internal control report prepared by management in

which management acknowledges its responsibility for establishing and maintaining

adequate internal control and provides an assessment of internal control effectiveness

as of the end of the most recent fiscal year. Section 404(b), which applies to public

companies with a market capitalization in excess of $75,000,000, requires the CPA

firm to audit internal control and express an opinion on the effectiveness of internal

control. While the emphasis of this chapter is on the auditors responsibility under

Section 404(b), we will begin with an overview of managements responsibility.