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CPA AUD Flashcards > AUD 2 Professional Responsibilities and Ethics 10 > Flashcards

AUD 2 Professional Responsibilities and Ethics 10 Flashcards

1
Q

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

Title II – Auditor Independence

Title III – Corporate Responsibility

Title IV – Enhanced Financial Disclosures

Title V – Analyst Conflict of Interest

Title VI – Commission Resources and Authority

Title VII – Studies and Reports

Title VIII – Corporate and Criminal Fraud Accountability

Title IX – White Collar Crime Penalty Enhancements

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

Title II – Auditor Independence

Title III – Corporate Responsibility

Title IV – Enhanced Financial Disclosures

Title V – Analyst Conflict of Interest

Title VI – Commission Resources and Authority

Title VII – Studies and Reports

Title VIII – Corporate and Criminal Fraud Accountability

Title IX – White Collar Crime Penalty Enhancements

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2
Q

Sarbanes-Oxley Act (SOX)

Title I – Public Accounting Oversight Board (sections)

  • 101 – Establishes the Board (PCAOB)
  • 102 – Requires public accounting firms to register with the Board
  • 103 – Authorizes the Board to establish audit, quality control, and ethics standards. The board also inspects, investigates, and disciplines public accounting firms and enforces compliance.
  • 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board
  • 105 – Gives Board (PCAOB) authority to conduct investigations and obtain all relevant info. Power to suspend auditors, revoke the registration of the accounting firm, or impose penalties for violations
  • 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
  • 107 – Gives SEC oversight and enforcement authority over the Board and its decisions.
  • 108 – Amends the Securities Act of 1933 to allow the SEC to adopt the accounting standards that meets certain qualifications, such as the FASB.
  • 109 – Calls for funding of the Board and the designated accounting standard-setting body (FASB) to be funded from fees imposed upon public companies.
A

Sarbanes-Oxley Act (SOX)

Title I – Public Accounting Oversight Board (sections)

  • 101 – Establishes the Board (PCAOB)
  • 102 – Requires public accounting firms to register with the Board
  • 103 – Authorizes the Board to establish audit, quality control, and ethics standards. The board also inspects, investigates, and disciplines public accounting firms and enforces compliance.
  • 104 – Provides for Quality Control Peer Review Inspections to be conducted by the Board
  • 105 – Gives Board (PCAOB) authority to conduct investigations and obtain all relevant info. Power to suspend auditors, revoke the registration of the accounting firm, or impose penalties for violations
  • 106 – Regulates foreign public accounting firms furnishing an audit report to an issuer and requires them to comply with board requests.
  • 107 – Gives SEC oversight and enforcement authority over the Board and its decisions.
  • 108 – Amends the Securities Act of 1933 to allow the SEC to adopt the accounting standards that meets certain qualifications, such as the FASB.
  • 109 – Calls for funding of the Board and the designated accounting standard-setting body (FASB) to be funded from fees imposed upon public companies.
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3
Q

Sarbanes-Oxley Act (SOX)

Title II – Auditor Independence

• 201 – Prohibits any registered public accounting firm from providing the following non-audit services to Audit clients:
Bookkeeping,
Financial info system design or implementation,
Appraisal or valuation services,
Actuarial services,
Internal audit outsourcing,
Management functions or HR,
Broker or dealer investment advisor or investment banking services,
Legal services

202 – Requires the issuer’s audit committee to preapprove all auditing and non-auditing services to be provided to an issuer.

  • 203 – Establishes mandatory and substantive rotation of audit partner and partner responsible for review every 5 years.
  • 204 – Requires audit firm to report to the audit committee: Critical accounting policies, Alternative accounting treatments, Material written communications
  • 205 – Defines the term audit committee
  • 206 – Prohibits the audit firm from providing audit services for issuer if the CEO, controller, CFO, CAO was employed in the audit practice of the accounting firm during the one-year period prior to the audit.
A

Sarbanes-Oxley Act (SOX)

Title II – Auditor Independence

• 201 – Prohibits any registered public accounting firm from providing the following non-audit services to Audit clients:
Bookkeeping,
Financial info system design or implementation,
Appraisal or valuation services,
Actuarial services,
Internal audit outsourcing,
Management functions or HR,
Broker or dealer investment advisor or investment banking services,
Legal services

202 – Requires the issuer’s audit committee to preapprove all auditing and non-auditing services to be provided to an issuer.

  • 203 – Establishes mandatory and substantive rotation of audit partner and partner responsible for review every 5 years.
  • 204 – Requires audit firm to report to the audit committee: Critical accounting policies, Alternative accounting treatments, Material written communications
  • 205 – Defines the term audit committee
  • 206 – Prohibits the audit firm from providing audit services for issuer if the CEO, controller, CFO, CAO was employed in the audit practice of the accounting firm during the one-year period prior to the audit.
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4
Q

Sarbanes-Oxley Act (SOX)

Title III – Corporate Responsibility

  • 301 – Makes audit committee responsible for appointment, compensation and oversight of any audit work performed.
  • 302 – Requires principal executive and principal financial officers to certify, in each annual or quarterly report
  • 303 – Prohibits a director of an issuer to fraudulently influence, coerce, manipulate, or mislead the auditor.
  • 304 – Requires executives of an issuer to forfeit any incentive based pay from the sale of stock, received in the 12 months period after the date of issuance of F/S (Claw-back Policy).
  • 305 – The SEC may bar any person who has violated federal securities laws from serving as an officer or director of an issuer.
  • 306 – Prohibits trading by officers and directors during blackout periods established between the end of a quarter and the earnings report date.
A

Sarbanes-Oxley Act (SOX)

Title III – Corporate Responsibility

  • 301 – Makes audit committee responsible for appointment, compensation and oversight of any audit work performed.
  • 302 – Requires principal executive and principal financial officers to certify, in each annual or quarterly report
  • 303 – Prohibits a director of an issuer to fraudulently influence, coerce, manipulate, or mislead the auditor.
  • 304 – Requires executives of an issuer to forfeit any incentive based pay from the sale of stock, received in the 12 months period after the date of issuance of F/S (Claw-back Policy).
  • 305 – The SEC may bar any person who has violated federal securities laws from serving as an officer or director of an issuer.
  • 306 – Prohibits trading by officers and directors during blackout periods established between the end of a quarter and the earnings report date.
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5
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures

  • 401 – Requires all F/S prepared in accordance with GAAP
  • 402 – Prohibits personal loans to directors and executive officers.
  • 403 – Requires directors, officers, and principal shareholders to disclose the amount of all equity securities in which they hold a beneficial interest.

• 404 – Requires that management acknowledge its responsibility for
establishing and maintaining adequate internal control
and that management assess the effectiveness of internal control
– Requires the auditor to examine the design and operating effectiveness of internal control

  • 405 – Exempts investment companies registered under the Investment Company Act of 1940 from sections 401, 402, and 404.
  • 406 – Requires an issuer to disclose whether or not it has adopted a code of ethics for senior financial officers
  • 407 – Must disclose whether at least 1 member of its audit committee is a “financial expert.”
  • 408 – Provides for enhanced review of periodic disclosures by Board.
  • 409 – Requires issuers to disclose material changes in the financial condition or operations on a rapid and current basis.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures

  • 401 – Requires all F/S prepared in accordance with GAAP
  • 402 – Prohibits personal loans to directors and executive officers.
  • 403 – Requires directors, officers, and principal shareholders to disclose the amount of all equity securities in which they hold a beneficial interest.

• 404 – Requires that management acknowledge its responsibility for
establishing and maintaining adequate internal control
and that management assess the effectiveness of internal control
– Requires the auditor to examine the design and operating effectiveness of internal control

  • 405 – Exempts investment companies registered under the Investment Company Act of 1940 from sections 401, 402, and 404.
  • 406 – Requires an issuer to disclose whether or not it has adopted a code of ethics for senior financial officers
  • 407 – Must disclose whether at least 1 member of its audit committee is a “financial expert.”
  • 408 – Provides for enhanced review of periodic disclosures by Board.
  • 409 – Requires issuers to disclose material changes in the financial condition or operations on a rapid and current basis.
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6
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all f________ statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

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7
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements p______ed in accordance with GAAP to reflect all material adjustments identified by the auditors.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

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8
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with G____ to reflect all material adjustments identified by the auditors.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

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9
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all m_______ adjustments identified by the auditors.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

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10
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material ad_______s identified by the auditors.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

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11
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments i_______ied by the auditors.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

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12
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the a______s.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

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13
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – R______s all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

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14
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to e\_\_\_\_\_\_\_ standards to address off-balance sheet transactions.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish standards to address off-balance sheet transactions.
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15
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish standards to address off-b\_\_\_\_\_\_\_ sheet transactions.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish standards to address off-balance sheet transactions.
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16
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the \_\_\_ to establish standards to address off-balance sheet transactions.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish standards to address off-balance sheet transactions.
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17
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also r\_\_\_\_\_ed the SEC to establish standards to address off-balance sheet transactions.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish standards to address off-balance sheet transactions.
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18
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish standards to address o\_\_-balance s\_\_\_\_ transactions.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish standards to address off-balance sheet transactions.
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19
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish s\_\_\_\_\_\_\_\_s to address off-balance sheet transactions.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish standards to address off-balance sheet transactions.
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20
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish standards to address off-balance sheet transactions.

     o Result was rules for consolidation of variable i\_\_\_\_\_\_ entities
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish standards to address off-balance sheet transactions.

     o Result was rules for consolidation of variable interest entities
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21
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish standards to address off-balance sheet transactions.

     o Result was rules for con\_\_\_\_\_\_\_\_\_ of variable interest entities
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish standards to address off-balance sheet transactions.

     o Result was rules for consolidation of variable interest entities
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22
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish standards to address off-balance sheet transactions.

     o Result was rules for consolidation of variable interest e\_\_\_\_ies
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 401 – Requires all financial statements prepared in accordance with GAAP to reflect all material adjustments identified by the auditors.

     o Also required the SEC to establish standards to address off-balance sheet transactions.

     o Result was rules for consolidation of variable interest entities
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23
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 402 – Prohibits p________l loans to directors and executive officers.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 402 – Prohibits personal loans to directors and executive officers.

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24
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 402 – Prohibits personal l___s to directors and executive officers.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 402 – Prohibits personal loans to directors and executive officers.

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25
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 402 – Prohibits personal loans to directors and executive o_____s.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 402 – Prohibits personal loans to directors and executive officers.

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26
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 402 – Prohibits personal loans to d______s and executive officers.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 402 – Prohibits personal loans to directors and executive officers.

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27
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 402 – P_______s personal loans to directors and executive officers.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 402 – Prohibits personal loans to directors and executive officers.

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28
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to dis____ the amount of all equity securities

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

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29
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the a_____t of all equity securities

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

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30
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of ___ equity securities

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

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31
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity s_____ies

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

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32
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all e____y securities

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

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33
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a be______l interest

and any changes in their interests

since the previous filing.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

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34
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a beneficial in_____

and any changes in their interests

since the previous filing.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

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35
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a beneficial interest

and any ch____es in their interests

since the previous filing.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

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36
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a beneficial interest

and any changes in their i_______s

since the previous filing.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

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37
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a beneficial interest

and any changes in their interests

since the pr_____s filing.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 403 – Requires directors, officers, and principal shareholders

to disclose the amount of all equity securities

in which they hold a beneficial interest

and any changes in their interests

since the previous filing.

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38
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management ack_________ its responsibility for

establishing and maintaining adequate internal control over financial reporting

and that management assess the effectiveness of internal control

as of the end of the period.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its responsibility for

establishing and maintaining adequate internal control over financial reporting

and that management assess the effectiveness of internal control

as of the end of the period.

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39
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its re_________y for

establishing and maintaining adequate internal control over financial reporting

and that management assess the effectiveness of internal control

as of the end of the period.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its responsibility for

establishing and maintaining adequate internal control over financial reporting

and that management assess the effectiveness of internal control

as of the end of the period.

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40
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its responsibility for

es______ing and m_______ing adequate internal control over financial reporting

and that management assess the effectiveness of internal control

as of the end of the period.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its responsibility for

establishing and maintaining adequate internal control over financial reporting

and that management assess the effectiveness of internal control

as of the end of the period.

How well did you know this?
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41
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its responsibility for

establishing and maintaining ad______ internal control over financial reporting

and that management assess the effectiveness of internal control

as of the end of the period.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its responsibility for

establishing and maintaining adequate internal control over financial reporting

and that management assess the effectiveness of internal control

as of the end of the period.

How well did you know this?
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42
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its responsibility for

establishing and maintaining adequate i______ control over financial reporting

and that management assess the effectiveness of internal control

as of the end of the period.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its responsibility for

establishing and maintaining adequate internal control over financial reporting

and that management assess the effectiveness of internal control

as of the end of the period.

How well did you know this?
1
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43
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its responsibility for

establishing and maintaining adequate internal control over financial reporting

and that management assess the ef________ss of internal control

as of the end of the period.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its responsibility for

establishing and maintaining adequate internal control over financial reporting

and that management assess the effectiveness of internal control

as of the end of the period.

How well did you know this?
1
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3
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44
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its responsibility for

establishing and maintaining adequate internal control over financial reporting

and that management assess the effectiveness of internal control

as of the e__ of the period.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its responsibility for

establishing and maintaining adequate internal control over financial reporting

and that management assess the effectiveness of internal control

as of the end of the period.

How well did you know this?
1
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45
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its responsibility for

establishing and maintaining adequate internal control over financial reporting

and that management assess the effectiveness of internal control

as of the end of the pe____.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Requires that management acknowledge its responsibility for

establishing and maintaining adequate internal control over financial reporting

and that management assess the effectiveness of internal control

as of the end of the period.

How well did you know this?
1
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46
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also re_____es the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

How well did you know this?
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47
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the au____ to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

How well did you know this?
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48
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

ex_____ the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

49
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the d_____ and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

50
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating ef_________ss of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

51
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and o______ing effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

52
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal c_____ over financial reporting

to provide a sufficient basis to report on management’s assessment.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

53
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial r______ing

to provide a sufficient basis to report on management’s assessment.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

54
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a su______ basis to report on management’s assessment.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

55
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on m__________’s assessment.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

56
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s ass_________t.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

57
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The auditor should conduct the attestation in a manner con\_\_\_\_\_\_\_ with the Statements on Standards for Attestation Engagements and PCAOB Standards
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The auditor should conduct the attestation in a manner consistent with the Statements on Standards for Attestation Engagements and PCAOB Standards
58
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The auditor should conduct the attestation in a manner consistent with the Statements on S\_\_\_\_\_\_\_\_\_s for Attestation Engagements and PCAOB Standards
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The auditor should conduct the attestation in a manner consistent with the Statements on Standards for Attestation Engagements and PCAOB Standards
59
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The auditor should conduct the attestation in a manner consistent with the Statements on Standards for Attestation Engagements and P\_\_\_\_\_\_ Standards
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The auditor should conduct the attestation in a manner consistent with the Statements on Standards for Attestation Engagements and PCAOB Standards
60
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The auditor should conduct the a\_\_\_\_\_\_\_\_n in a manner consistent with the Statements on Standards for Attestation Engagements and PCAOB Standards
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The auditor should conduct the attestation in a manner consistent with the Statements on Standards for Attestation Engagements and PCAOB Standards
61
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o Note that the auditor is not attesting to the ef\_\_\_\_\_\_\_\_ss or the efficiency of internal control but on management’s assessment of internal control.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o Note that the auditor is not attesting to the effectiveness or the efficiency of internal control but on management’s assessment of internal control.
62
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o Note that the auditor is not attesting to the effectiveness or the ef\_\_\_\_\_\_\_y of internal control but on management’s assessment of internal control.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o Note that the auditor is not attesting to the effectiveness or the efficiency of internal control but on management’s assessment of internal control.
63
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o Note that the auditor is not attesting to the effectiveness or the efficiency of internal control but on management’s ass\_\_\_\_\_\_\_\_ of internal control.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o Note that the auditor is not attesting to the effectiveness or the efficiency of internal control but on management’s assessment of internal control.
64
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o Note that the auditor is not attesting to the effectiveness or the efficiency of internal control but on m\_\_\_\_\_\_\_\_\_’s assessment of internal control.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o Note that the auditor is not attesting to the effectiveness or the efficiency of internal control but on management’s assessment of internal control.
65
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o Note that the auditor is not attesting to the effectiveness or the efficiency of internal control but on management’s assessment of i\_\_\_\_\_\_\_ control.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o Note that the auditor is not attesting to the effectiveness or the efficiency of internal control but on management’s assessment of internal control.
66
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o Note that the auditor is not attesting to the effectiveness or the efficiency of internal control but on management’s assessment of internal c\_\_\_\_\_\_.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o Note that the auditor is not attesting to the effectiveness or the efficiency of internal control but on management’s assessment of internal control.
67
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The Act does not specify a date by which the auditor’s re\_\_\_ is to be submitted.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The Act does not specify a date by which the auditor’s report is to be submitted.
68
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The Act does not specify a d\_\_\_ by which the auditor’s report is to be submitted.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The Act does not specify a date by which the auditor’s report is to be submitted.
69
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The Act does not specify a date by which the auditor’s report is to be su\_\_\_\_\_\_ed.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The Act does not specify a date by which the auditor’s report is to be submitted.
70
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The auditor should conduct the attestation in a manner consistent with the Statements on Standards for Attestation Engagements and PCAOB Standards

       o Note that the auditor is not attesting to the effectiveness or the efficiency of internal control but on management’s assessment of internal control.

       o The Act does n\_\_ specify a date by which the auditor’s report is to be submitted.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 404 – Also requires the auditor to

examine the design and operating effectiveness of internal control over financial reporting

to provide a sufficient basis to report on management’s assessment.

       o The auditor should conduct the attestation in a manner consistent with the Statements on Standards for Attestation Engagements and PCAOB Standards

       o Note that the auditor is not attesting to the effectiveness or the efficiency of internal control but on management’s assessment of internal control.

       o The Act does not specify a date by which the auditor’s report is to be submitted.
71
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 405 – Exempts in________ companies registered under the Investment Company Act of 1940 from sections 401, 402, and 404.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 405 – Exempts investment companies registered under the Investment Company Act of 1940 from sections 401, 402, and 404.

72
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 405 – Ex_____s investment companies registered under the Investment Company Act of 1940 from sections 401, 402, and 404.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 405 – Exempts investment companies registered under the Investment Company Act of 1940 from sections 401, 402, and 404.

73
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 406 – Requires an is____ to disclose whether or not it has adopted a code of ethics for senior financial officers

and, if not, the reasons for not having done so.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 406 – Requires an issuer to disclose whether or not it has adopted a code of ethics for senior financial officers

and, if not, the reasons for not having done so.

74
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 406 – Requires an issuer to dis____ whether or not it has adopted a code of ethics for senior financial officers

and, if not, the reasons for not having done so.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 406 – Requires an issuer to disclose whether or not it has adopted a code of ethics for senior financial officers

and, if not, the reasons for not having done so.

75
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 406 – Requires an issuer to disclose whether or not it has adopted a code of e____s for senior financial officers

and, if not, the reasons for not having done so.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 406 – Requires an issuer to disclose whether or not it has adopted a code of ethics for senior financial officers

and, if not, the reasons for not having done so.

76
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 406 – Requires an issuer to disclose whether or not it has adopted a code of ethics for se____ financial officers

and, if not, the reasons for not having done so.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 406 – Requires an issuer to disclose whether or not it has adopted a code of ethics for senior financial officers

and, if not, the reasons for not having done so.

77
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 406 – Requires an issuer to disclose whether or not it has adopted a code of ethics for senior financial officers

and, if not, the r______s for not having done so.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 406 – Requires an issuer to disclose whether or not it has adopted a code of ethics for senior financial officers

and, if not, the reasons for not having done so.

78
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 406 – Re_____es an issuer to disclose whether or not it has adopted a code of ethics for senior financial officers

and, if not, the reasons for not having done so.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 406 – Requires an issuer to disclose whether or not it has adopted a code of ethics for senior financial officers

and, if not, the reasons for not having done so.

79
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 407 – Must dis____ whether at least 1 member of its audit committee is a “financial expert.”

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 407 – Must disclose whether at least 1 member of its audit committee is a “financial expert.”

80
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 407 – Must disclose whether at least _ member of its audit committee is a “financial expert.”

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 407 – Must disclose whether at least 1 member of its audit committee is a “financial expert.”

81
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 407 – Must disclose whether at least 1 m_____ of its audit committee is a “financial expert.”

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 407 – Must disclose whether at least 1 member of its audit committee is a “financial expert.”

82
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 407 – Must disclose whether at least 1 member of its audit com_______ is a “financial expert.”

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 407 – Must disclose whether at least 1 member of its audit committee is a “financial expert.”

83
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 407 – Must disclose whether at least 1 member of its audit committee is a “financial e_____.”

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 407 – Must disclose whether at least 1 member of its audit committee is a “financial expert.”

84
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 407 – M___ disclose whether at least 1 member of its audit committee is a “financial expert.”

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 407 – Must disclose whether at least 1 member of its audit committee is a “financial expert.”

85
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 408 – Provides for enhanced re___ of periodic disclosures by Board.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 408 – Provides for enhanced review of periodic disclosures by Board.

86
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 408 – Provides for enhanced review of periodic disclosures by B____.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 408 – Provides for enhanced review of periodic disclosures by Board.

87
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 408 – Provides for enhanced review of pe_____c disclosures by Board.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 408 – Provides for enhanced review of periodic disclosures by Board.

88
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 408 – Provides for en____ed review of periodic disclosures by Board.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 408 – Provides for enhanced review of periodic disclosures by Board.

89
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 408 – Pr____es for enhanced review of periodic disclosures by Board.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 408 – Provides for enhanced review of periodic disclosures by Board.

90
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 409 – Requires is____s to disclose material changes in the financial condition

or operations on a rapid and current basis.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 409 – Requires issuers to disclose material changes in the financial condition

or operations on a rapid and current basis.

91
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 409 – Requires issuers to disclose m______ changes in the financial condition

or operations on a rapid and current basis.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 409 – Requires issuers to disclose material changes in the financial condition

or operations on a rapid and current basis.

92
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 409 – Requires issuers to disclose material c______es in the financial condition

or operations on a rapid and current basis.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 409 – Requires issuers to disclose material changes in the financial condition

or operations on a rapid and current basis.

93
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 409 – Requires issuers to disclose material changes in the financial con______

or operations on a rapid and current basis.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 409 – Requires issuers to disclose material changes in the financial condition

or operations on a rapid and current basis.

94
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 409 – Requires issuers to disclose material changes in the financial condition

or op_______s on a rapid and current basis.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 409 – Requires issuers to disclose material changes in the financial condition

or operations on a rapid and current basis.

95
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 409 – Requires issuers to disclose material changes in the financial condition

or operations on a rapid and c______ basis.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 409 – Requires issuers to disclose material changes in the financial condition

or operations on a rapid and current basis.

96
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 409 – Requires issuers to disclose material changes in the financial condition

or operations on a ra____ and current basis.

A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures.

• 409 – Requires issuers to disclose material changes in the financial condition

or operations on a rapid and current basis.

97
Q

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures

  • 401 – Requires all F/S prepared in accordance with GAAP
  • 402 – Prohibits personal loans to directors and executive officers.
  • 403 – Requires directors, officers, and principal shareholders to disclose the amount of all equity securities in which they hold a beneficial interest.

• 404 – Requires that management acknowledge its responsibility for
establishing and maintaining adequate internal control
and that management assess the effectiveness of internal control
– Requires the auditor to examine the design and operating effectiveness of internal control

  • 405 – Exempts investment companies registered under the Investment Company Act of 1940 from sections 401, 402, and 404.
  • 406 – Requires an issuer to disclose whether or not it has adopted a code of ethics for senior financial officers
  • 407 – Must disclose whether at least 1 member of its audit committee is a “financial expert.”
  • 408 – Provides for enhanced review of periodic disclosures by Board.
  • 409 – Requires issuers to disclose material changes in the financial condition or operations on a rapid and current basis.
A

Sarbanes-Oxley Act (SOX)

Title IV – Enhanced Financial Disclosures

  • 401 – Requires all F/S prepared in accordance with GAAP
  • 402 – Prohibits personal loans to directors and executive officers.
  • 403 – Requires directors, officers, and principal shareholders to disclose the amount of all equity securities in which they hold a beneficial interest.

• 404 – Requires that management acknowledge its responsibility for
establishing and maintaining adequate internal control
and that management assess the effectiveness of internal control
– Requires the auditor to examine the design and operating effectiveness of internal control

  • 405 – Exempts investment companies registered under the Investment Company Act of 1940 from sections 401, 402, and 404.
  • 406 – Requires an issuer to disclose whether or not it has adopted a code of ethics for senior financial officers
  • 407 – Must disclose whether at least 1 member of its audit committee is a “financial expert.”
  • 408 – Provides for enhanced review of periodic disclosures by Board.
  • 409 – Requires issuers to disclose material changes in the financial condition or operations on a rapid and current basis.
98
Q

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

Title II – Auditor Independence

Title III – Corporate Responsibility

Title IV – Enhanced Financial Disclosures

Title V – Analyst Conflict of Interest

Title VI – Commission Resources and Authority

Title VII – Studies and Reports

Title VIII – Corporate and Criminal Fraud Accountability

Title IX – White Collar Crime Penalty Enhancements

A

Sarbanes-Oxley Act (SOX)

Relevant provisions follow:

Title I – Public Accounting Oversight Board (sections)

Title II – Auditor Independence

Title III – Corporate Responsibility

Title IV – Enhanced Financial Disclosures

Title V – Analyst Conflict of Interest

Title VI – Commission Resources and Authority

Title VII – Studies and Reports

Title VIII – Corporate and Criminal Fraud Accountability

Title IX – White Collar Crime Penalty Enhancements

99
Q

Sarbanes-Oxley Act (SOX)

Title IX – W____ Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

100
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that m__________ certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

101
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management c____y that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

102
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the ___ (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

103
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

co____ with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

104
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant se_____ies laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

105
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with re______t securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

106
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities l__s

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

107
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also f___ly present, in all material respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

108
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in __ material respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

109
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly pr______, in all material respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

110
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all m______ respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

111
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material re______s,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

112
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial con_____ and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

113
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and re___s of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

114
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of op_______s of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

115
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the co_______.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

116
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the re_____s filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

117
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10_, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

118
Q

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10_)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

A

Sarbanes-Oxley Act (SOX)

Title IX – White Collar Crime Penalty Enhancements

• 906 – Requires that management certify that

the reports filed with the SEC (10Q, 10K)

comply with relevant securities laws

and also fairly present, in all material respects,

the financial condition and results of operations of the company.

CPA AUD Flashcards (62 decks)

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