Chapter 1 Sarbanes Oxley Flashcards
1
Q
Sarbanes oxley act of 2002 seeks to improve
A
financial reporting issues impacted by the audit committee competence the ethical behavior of senior officers and the adequacy of IC
2
Q
Title IV Enhance Financial Disclosures
A
MATERIAL correcting adjustments
OFF balance sheet transactions - 842-Equity- Lawsuit
Pro forma financial statement
Special Purpose entity
3
Q
Management assessment of IC - SECTION 404
A
Management responsible for establishing and maintain adequate IC
Assessment YE FY effectiveness of IC and procedure for financial reporting
auditor must attest
4
Q
Code of ethics
A
Disclose
Honest and ethical
full fair accurate and timly disclosure periodic FS
Compliance
5
Q
internal control have been evaluated as of how many day prior to the report
A
90 days
