AUD 3 Internal Control 11 - SOX & Basic Concepts Flashcards
Sarbanes - Oxley Act (SOX)
SOX created a variety of reg_______s and eliminated a significant portion of the accounting profession’s system of self-regulation.
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-regulation.
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eli_______ed a significant portion of the accounting profession’s system of self-regulation.
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-regulation.
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-reg_______.
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-regulation.
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of s__f-regulation.
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-regulation.
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-regulation.
Some issues include:
- Section 302 is entitled “Corporate Responsibility for Financial Reports”
- The signing officers certify
- Officers are also required to report to auditors and to the audit committee
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-regulation.
Some issues include:
- Section 302 is entitled “Corporate Responsibility for Financial Reports”
- The signing officers certify
- Officers are also required to report to auditors and to the audit committee
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-regulation.
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Fi_______ Reports”
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-regulation.
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-regulation.
Some issues include:
• Section 302 is entitled “Cor______ Responsibility for Financial Reports”
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-regulation.
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-regulation.
Some issues include:
• Section 302 is entitled “Corporate Res_______ility for Financial Reports”
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-regulation.
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
and requires that the prin____ executive officer and the principal financial officer, or their equivalents,
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
and requires that the principal executive officer and the principal financial officer, or their equivalents,
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
and requires that the principal executive off____ and the principal financial officer, or their equivalents,
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
and requires that the principal executive officer and the principal financial officer, or their equivalents,
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
and requires that the principal executive officer and the principal fin______ officer, or their equivalents,
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
and requires that the principal executive officer and the principal financial officer, or their equivalents,
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
and requires that the principal executive officer and the principal financial officer, or their equivalents,
cer___y as to certain items on each annual or quarterly report:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
and requires that the principal executive officer and the principal financial officer, or their equivalents,
certify as to certain items on each annual or quarterly report:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
and requires that the principal executive officer and the principal financial officer, or their equivalents,
certify as to certain items on each an____ or quarterly report:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
and requires that the principal executive officer and the principal financial officer, or their equivalents,
certify as to certain items on each annual or quarterly report:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
and requires that the principal executive officer and the principal financial officer, or their equivalents,
certify as to certain items on each annual or qu_____ly report:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
and requires that the principal executive officer and the principal financial officer, or their equivalents,
certify as to certain items on each annual or quarterly report:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
and requires that the principal executive officer and the principal financial officer, or their equivalents,
certify as to certain it__s on each annual or quarterly report:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports”
and requires that the principal executive officer and the principal financial officer, or their equivalents,
certify as to certain items on each annual or quarterly report:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equiv_____s, certify as to certain items on each annual or quarterly report:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and re____es that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has re____ed the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the re____
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing off____ has reviewed the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a ma_______ untrue statement or omit a material fact
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material untrue statement or omit a material fact
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s know_____, the report does not contain a material untrue statement or omit a material fact
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material untrue statement or omit a material fact
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material unt___ statement or o___ a material fact
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material untrue statement or omit a material fact
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material untrue statement or omit a material f___
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material untrue statement or omit a material fact
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material untrue statement or omit a material fact
o Based on the signer’s knowledge, the financial statements and other information are f___ly presented
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material untrue statement or omit a material fact
o Based on the signer’s knowledge, the financial statements and other information are fairly presented
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material untrue statement or omit a material fact
o Based on the signer’s knowledge, the financial statements and other information are fairly pre____ted
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material untrue statement or omit a material fact
o Based on the signer’s knowledge, the financial statements and other information are fairly presented
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s know_____, the report does not contain a material untrue statement or omit a material fact
o Based on the signer’s know_____, the financial statements and other information are fairly presented
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material untrue statement or omit a material fact
o Based on the signer’s knowledge, the financial statements and other information are fairly presented
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material untrue statement or omit a material fact
o Based on the signer’s knowledge, the financial statements and other information are fairly presented
Sarbanes - Oxley Act (SOX)
Some issues include:
• Section 302 is entitled “Corporate Responsibility for Financial Reports” and requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material untrue statement or omit a material fact
o Based on the signer’s knowledge, the financial statements and other information are fairly presented
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They are respo______ for establishing and maintaining internal controls
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They are responsible for establishing and maintaining internal controls
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They are responsible for est______ing and maintaining internal controls
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They are responsible for establishing and maintaining internal controls
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They are responsible for establishing and main____ing internal controls
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They are responsible for establishing and maintaining internal controls
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They are responsible for establishing and maintaining internal controls
o They have designed those con____s to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They are responsible for establishing and maintaining internal controls
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They are responsible for establishing and maintaining internal controls
o They have designed those controls to ensure the receipt of all rele____ information during those periods in which periodic reports are being prepared
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They are responsible for establishing and maintaining internal controls
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have designed those controls to ensure the receipt of all relevant information during those pe____s in which periodic reports are being prepared
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have de____ed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic re____s are being prepared
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
o They have eva____d the effectiveness of internal controls within 90 days prior to the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
o They have evaluated the effe_______ess of internal controls within 90 days prior to the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
o They have evaluated the effectiveness of internal controls within 90 ___s prior to the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have evaluated the effectiveness of internal controls within __ days prior to the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have evaluated the effectiveness of internal controls with__ 90 days prior to the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have evaluated the effectiveness of internal controls within 90 days pr___ to the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
o They have presented their conc______s about the effectiveness of internal controls in the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
o They have presented their conclusions about the effectiveness of internal controls in the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
o They have presented their conclusions about the effe______ess of internal controls in the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
o They have presented their conclusions about the effectiveness of internal controls in the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have pre____ed their conclusions about the effectiveness of internal controls in the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have presented their conclusions about the effectiveness of internal controls in the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have presented their conclusions about the effectiveness of internal controls in the re____
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They have presented their conclusions about the effectiveness of internal controls in the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers c_____y that:
o They are responsible for establishing and maintaining internal controls
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
o They have presented their conclusions about the effectiveness of internal controls in the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They are responsible for establishing and maintaining internal controls
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
o They have presented their conclusions about the effectiveness of internal controls in the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They are responsible for establishing and maintaining internal controls
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
o They have presented their conclusions about the effectiveness of internal controls in the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• In addition, the signing officers certify that:
o They are responsible for establishing and maintaining internal controls
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
o They have presented their conclusions about the effectiveness of internal controls in the report
Sarbanes - Oxley Act (SOX)
Some issues include:
• Offi___s are also required to report to auditors and to the audit committee:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also r_____ed to report to auditors and to the audit committee:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit com_______:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All sig_______ deficiencies that could adversely affect the reporting process and any material weaknesses
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any material weaknesses
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adve___ly affect the reporting process and any material weaknesses
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any material weaknesses
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting pr___ss and any material weaknesses
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any material weaknesses
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any mat_____ weaknesses
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any material weaknesses
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any material weaknesses
o Any f____ (whether material or not) involving management or employees with a role in internal controls
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any material weaknesses
o Any fraud (whether material or not) involving management or employees with a role in internal controls
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any material weaknesses
o Any fraud (whether material or n__) involving management or employees with a role in internal controls
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any material weaknesses
o Any fraud (whether material or not) involving management or employees with a role in internal controls
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any material weaknesses
o Any fraud (whether material or not) involving ma_________ or employees with a role in internal controls
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any material weaknesses
o Any fraud (whether material or not) involving management or employees with a role in internal controls
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any material weaknesses
o Any fraud (whether material or not) involving management or employees with a role in internal co_____s
Sarbanes - Oxley Act (SOX)
Some issues include:
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any material weaknesses
o Any fraud (whether material or not) involving management or employees with a role in internal controls
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-regulation. Some issues include:
• Section 302 “Corporate Responsibility for Financial Reports” - requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material untrue statement or omit a material fact
o Based on the signer’s knowledge, the financial statements and other information are fairly presented
• In addition, the signing officers certify that:
o They are responsible for establishing and maintaining internal controls
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
o They have presented their conclusions about the effectiveness of internal controls in the report
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any material weaknesses
o Any fraud (whether material or not) involving management or employees with a role in internal controls
Sarbanes - Oxley Act (SOX)
SOX created a variety of regulations and eliminated a significant portion of the accounting profession’s system of self-regulation. Some issues include:
• Section 302 “Corporate Responsibility for Financial Reports” - requires that the principal executive officer and the principal financial officer, or their equivalents, certify as to certain items on each annual or quarterly report:
o The signing officer has reviewed the report
o Based on the signer’s knowledge, the report does not contain a material untrue statement or omit a material fact
o Based on the signer’s knowledge, the financial statements and other information are fairly presented
• In addition, the signing officers certify that:
o They are responsible for establishing and maintaining internal controls
o They have designed those controls to ensure the receipt of all relevant information during those periods in which periodic reports are being prepared
o They have evaluated the effectiveness of internal controls within 90 days prior to the report
o They have presented their conclusions about the effectiveness of internal controls in the report
• Officers are also required to report to auditors and to the audit committee:
o All significant deficiencies that could adversely affect the reporting process and any material weaknesses
o Any fraud (whether material or not) involving management or employees with a role in internal controls
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of m___________, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong con____ environment combined with excellent control activities is subject to certain inherent limitations (COCO):
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment com____ed with excellent control activities is subject to certain inherent limitations (COCO):
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control ac____ies is subject to certain inherent limitations (COCO):
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inhe____ limitations (COCO):
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limi______s (COCO):
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Coll______
- Override by management
- Competence/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Over____ by management
- Competence/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by m__________
- Competence/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Hu___ error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Com_______/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Human er___
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Human error
- Obsol________
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (C____):
- Collusion
- Override by management
- Competence/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Human error
- Obsolescence
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
• Collusion
– Control activities that depend on segr______ of duties will not be effective if those engaged in the segregated functions conspire with one another.
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
• Collusion
– Control activities that depend on segregation of duties will not be effective if those engaged in the segregated functions conspire with one another.
Basic Concepts and Internal Control Limitations
• Collusion
– Control activities that depend on segregation of duties will n__ be effective if those engaged in the segregated functions conspire with one another.
Basic Concepts and Internal Control Limitations
• Collusion
– Control activities that depend on segregation of duties will not be effective if those engaged in the segregated functions conspire with one another.
Basic Concepts and Internal Control Limitations
• Collusion
– Control activities that depend on segregation of duties will not be effective if those engaged in the segregated functions consp___ with one another.
Basic Concepts and Internal Control Limitations
• Collusion
– Control activities that depend on segregation of duties will not be effective if those engaged in the segregated functions conspire with one another.
Basic Concepts and Internal Control Limitations
• Collusion
– Control activities that depend on segregation of duties will not be effe_____ if those engaged in the segregated functions conspire with one another.
Basic Concepts and Internal Control Limitations
• Collusion
– Control activities that depend on segregation of duties will not be effective if those engaged in the segregated functions conspire with one another.
Basic Concepts and Internal Control Limitations
• Collusion
– Co_____ activities that depend on segregation of duties will not be effective if those engaged in the segregated functions conspire with one another.
Basic Concepts and Internal Control Limitations
• Collusion
– Control activities that depend on segregation of duties will not be effective if those engaged in the segregated functions conspire with one another.
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Human error
- Obsolescence
• Override by management
– Since management de___ns and implements the system of internal control, it is in a position to override it, so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
Basic Concepts and Internal Control Limitations
Regardless of the good intentions of management, even a strong control environment combined with excellent control activities is subject to certain inherent limitations (COCO):
- Collusion
- Override by management
- Competence/Human error
- Obsolescence
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it, so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and imp________s the system of internal control, it is in a position to override it,
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it,
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to ove_____ it,
so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it,
so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it,
so that even an effe______ internal control structure cannot be expected to prevent intentional misbehavior by management.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it,
so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it,
so that even an effective internal control structure can___ be expected to prevent intentional misbehavior by management.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it,
so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it,
so that even an effective internal control structure cannot be expected to pre____ intentional misbehavior by management.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it,
so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it,
so that even an effective internal control structure cannot be expected to prevent inten______ misbehavior by management.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it,
so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it,
so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by m___________.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it,
so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it, so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
This is one of the reasons the auditor m___ establish the integrity of management before accepting the engagement.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it, so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
This is one of the reasons the auditor must establish the integrity of management before accepting the engagement.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it, so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
This is one of the reasons the auditor must establish the inte_____ of management before accepting the engagement.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it, so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
This is one of the reasons the auditor must establish the integrity of management before accepting the engagement.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it, so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
This is one of the reasons the auditor must establish the integrity of management be____ accepting the engagement.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it, so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
This is one of the reasons the auditor must establish the integrity of management before accepting the engagement.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it, so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
This is one of the reasons the auditor must establish the integrity of management before accepting the engagement.
It is also imp________ to establish whether employee personnel have ever been asked to override systems of internal control by management.
Basic Concepts and Internal Control Limitations
• Override by management
– Since management designs and implements the system of internal control, it is in a position to override it, so that even an effective internal control structure cannot be expected to prevent intentional misbehavior by management.
This is one of the reasons the auditor must establish the integrity of management before accepting the engagement.
It is also important to establish whether employee personnel have ever been asked to override systems of internal control by management.
