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Accounting Informations System > Sarbanes-Oxley Act (SOX) Titles > Flashcards

Sarbanes-Oxley Act (SOX) Titles Flashcards

1
Q

Title I: PCAOB

A

Public Company Accounting Oversight Board
* provides independent oversight of public accounting firms providing audits

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2
Q

Title I: Public Company Accounting ____ ____

A

Oversight Board

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3
Q

Title I: ____ Company Accounting Oversight Board

A

Public

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4
Q

Title I: Public ____ Accounting Oversight Board

A

Company

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5
Q

Title I

A

Public Company Accounting Oversight Board

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6
Q

Title II: Auditor ____

A

Independence

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7
Q

Title II: ____ Independence

A

Auditor

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8
Q

Title II

A

Auditor Independence

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9
Q

Auditor Independence

A
  • establishes standards
  • reduce conflict of interest
  • approval, partner rotation, and reporting requirements
  • restricts non-audit services
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10
Q

Title III: Corporate ____

A

Responsibility

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11
Q

Title III: ____ Responsibility

A

Corporate

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12
Q

Title III

A

Corporate Responsibility

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13
Q

Corporate Responsibility

A
  • senior executives take individual responsibility for accuracy and completeness of financial reports
  • section 302
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14
Q

Title IV: Enhanced ____ Disclosures

A

Financial

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15
Q

Title IV: ____ Financial Disclosures

A

Enhanced

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16
Q

Title IV: Enhanced ____ Disclosures

A

Financial

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17
Q

Title IV

A

Enhanced Financial Disclosures

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18
Q

Enhanced Financial Disclosures

A
  • section 404: the integrated audit
  • must audit and report on internal controls
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19
Q

Title V: Analyst ____ of Interest

A

Conflict

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20
Q

Title V: ____ Conflict of Interest

A

Analyst

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21
Q

Title V

A

Analyst Conflict of Interest

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22
Q

Analyst Conflicts of Interest

A
  • created code of conduct for securities analysts
  • requires disclosue of conflicts of interest
23
Q

Title VI: Commission Resources and ____

24
Q

Title VI: ____ Resources and Authority

A

Commission

25
Q

Title VI: Commission ____ and Authority

26
Q

Title VI

A

Commision Resources and Authority

27
Q

Commission Resources and Authority

A

Gives the SEC authority to revoke the license to practice from a securities professional

28
Q

Title VII: Studies and ____

29
Q

Title VII: ____ and Reports

30
Q

Title VII

A

Studies and Reports

31
Q

Studies and Reports

A

Requires various studies and reports to figure out what really happened

32
Q

Title VIII: ____ and Criminal Fraud Accountability

33
Q

Title VIII: Corporate and ____ Fraud Accountability

34
Q

Title VIII: Corporate and Criminal Fraud ____

A

Accountability

35
Q

Title VIII: Corporate and Criminal ____ Accountability

36
Q

Title VIII

A

Corporate and Criminal Fraud Accountability

37
Q

Corporate and Criminal Fraud Accountability

A
  • criminal penalties associated with the manipulation/destruction/alteration of financial records
  • adds protection for whistleblowers
38
Q

Title IX: White-Collar Crime Penalty ____

A

Enhancements

39
Q

Title IX: ____ Crime Penalty Enhancements

A

White-Collar

40
Q

Title IX: White-Collar ____ Penalty Enhancements

41
Q

Title IX: White-Collar Crime ____ Enhancements

42
Q

Title IX

A

White-Collar Crime Penalty Enhancements

43
Q

White-Collar Crime Penalty Enhancements

A
  • increases penalty for white-collar crimes
  • adds “failure to certify corporate financial reports” as a criminal offense
44
Q

Title X: ____ Tax Returns

45
Q

Title X: Corporate ____ Returns

46
Q

Title X: Corporate Tax ____

47
Q

Title X

A

Corporate Tax Returns

48
Q

Corporate Tax Returns

A

CEO must sign tax return

49
Q

Title XI: Corporate Fraud and ____

A

Accountability

50
Q

Title XI: ____ Fraud and Accountability

51
Q

Title XI: Corporate ____ and Accountability

52
Q

Title XI

A

Corporate Fraud and Accountability

53
Q

Corporate Fraud and Accountability

A
  • strengthens penalties for corporate fraud
  • “records tampering” equals a criminal offense

Accounting Informations System (5 decks)

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