Discuss how the Sarbanes-Oxley Act of 2002 affected internal control for publicly traded companies
What will be an ideal response?
The SOX legislation created the Public Company Accounting Oversight Board (PCAOB) to oversee and regulate public companies and their auditors. This was a turning point for the accounting profession, which prior to then had been self-regulated.
The 404 section of SOX requires each annual report of a publicly traded company to contain an internal control report stating management's responsibility to establish and maintain an adequate system of internal control for financial reporting as well as an assessment of the effectiveness of the internal control structure and procedures.
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Under a process costing system, costs of completed products are transferred to the Finished Goods Inventory at the end of the accounting period
Indicate whether the statement is true or false
In one-to-one marketing, after a marketer has identified customers and knows them in as much detail as possible, the next step is for the marketer to ________
A) interact with the customers and find ways to improve cost efficiency B) make efficiency of interactions with customers the priority C) differentiate these customers in terms of both their needs and their value to the company D) customize some aspects of the products or services offered to each customer E) implement a mass customization program