Assignments Exam 2 (Chapters 4-6) Exam 2 (Chapters 4-6) ACCOUNTING 2010-SURVEY O

Question

Assignments Exam 2 (Chapters 4-6) Exam 2 (Chapters 4-6) ACCOUNTING 2010-SURVEY OF FINANCIAL ACCOUNTING Test: Exam 2 (Chapters 4-6) This Question: 9 pts 8 of 32 (6 com The Sarbanes - Oxley Act of 2002: ? A. requires public companies to issue an internal control report. O B. requires an outside auditor to evaluate the soundness of a public company's internal controls O c. allows an accounting firm to both audit a public client and also provide certain consulting services for the same client. O D. A and B Click to select your answer MacBook Pro

Explanation / Answer

D) A and B

The Sarbanes-Oxley Act of 2002 reduces corporate fraud With enhanced importance on internal control activities. SOX give more responsibility to CEO to ensure the reliability of internal control. And to make sure that controls are correctly working company requires to issue an internal control report. Apart from that an outside auditor needs to evaluate the soundness of company's internal control.

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