Question

Please do it by tpye not pic:-

1.What was the key provisions of legislation made because of Sarbanes Oxley Act?

2. List and describe the two types of accounting standard pronouncements?

Answer 1

Answer 1:

Section 302: Disclosure controls

Section 303: Improper influence on conduct of audits

Section 401: Disclosures in periodic reports (off-balance sheet items)

Section 404: Assessment of ICFR

Answer 2:
Pronouncements issued by the board of the Financial Accounting Standards Board (FASB). These include Standards, Interpretations and Concept Statements. Also, the staff of the FASB publishes Technical Bulletins and Implementation Guides (Questions and Answers). In addition, the FASB publishes the consensus views of its Emerging Issues Task Force (EITF).
Pronouncements of the American Institute of Certified Public Accountants (AICPA). These include Accounting Principles Board (APB), Opinions and Accounting Research Bulletins (ARB) issued by the Committee on Accounting Procedures
Section 802: Criminal penalties for influencing U.S. agency investigation/proper administration