Question

QUESTION 11 Which of the following statements is most correct? a. Sarbanes-Oxley requires the Securities Exchange...

QUESTION 11

  1. Which of the following statements is most correct?

    a. Sarbanes-Oxley requires the Securities Exchange Commission to audit public companies’ financial statements.

    b. Sarbanes-Oxley made it illegal for company executives to trade on insider information.

    c. Sarbanes-Oxley requires the Chairman of the Board of Directors to sign and certify the company’s financial statements.

    d. Sarbanes-Oxley requires the CEO sign and certify the company’s financial statements.

    e. Sarbanes-Oxley requires company executives to disclose their fraudulent activities “in a timely and accurate manner.”
Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Sarbanes oxley act requires the the chief executive officer and chief financial officer to certify financial statement of the company and verify it of its truthfulness. It requires them to sign and certify the company's financial statement.

It is not related to insider trading or timely disclosure of fraudulent activities or securities and exchange commission to audit the books of accounts so other statements are false.

Correct answer would be option (D) sarbanes oxley requires the chief executive officer sign and certify the company's financial statement.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The Sarbanes-Oxley Act of 2002 requires the CEO of a publicly traded company to be _____....
The Sarbanes-Oxley Act of 2002 requires the CEO of a publicly traded company to be _____. a) Maintain the confidentiality of the procedures used to construct and report financial statements. b) Certify the financial reports that are sent to the Securities and Exchange Commission. c) Pursue interests that result in large profits for them and large losses for shareholders d) Supervise the audit of the corporation and witness the audit report e) Render an unbiased (independent) opinion regarding the company's...
For this discussion, we will consider the responsibilities imposed on senior executives by the Sarbanes-Oxley Act....
For this discussion, we will consider the responsibilities imposed on senior executives by the Sarbanes-Oxley Act. In addition to certifying the accuracy of the financial statements filed with the SEC, executives are responsible for assessing and articulating their internal control procedures for ensuring the accuracy of the documents filed with the Securities and Exchange Commission (SEC). First Post For your discussion, in one paragraph, convey your thoughts on the following: The significance of senior executives certifying that all documents filed...
The Sarbanes-Oxley Act of 2002 a) Requires the Public Company Accounting Oversight Board (PCAOB) be composed...
The Sarbanes-Oxley Act of 2002 a) Requires the Public Company Accounting Oversight Board (PCAOB) be composed of seven members. b) Requires the Public Company Accounting Oversight Board (PCAOB) have CPAs for a majority of its members. c) Changes rules on auditor independence, adopting a more flexible, principles-based approach rather than one based on prohibitions of certain types of non-audit services to audit clients d) Mandates integrated audits for public companies                                                               Which of the following statements would be least...
QUESTION 31 The financial statements of an organization reflect a set of management assertions about the...
QUESTION 31 The financial statements of an organization reflect a set of management assertions about the financial health of the business. All of the following describe types of assertions except a. that all employees are properly trained to carry out their assigned duties b. that all of the assets and equities on the balance sheet exist c. that all transactions on the income statement actually occurred d. that all allocated amounts such as depreciation are calculated on a systematic and...
Part A) Examine the situations below. Which one is most likely to cause an agency problem?...
Part A) Examine the situations below. Which one is most likely to cause an agency problem? a. forgoing a loan when doing so will create losses for the firm b. refusing to lower selling prices if doing so will reduce the net profits c. refusing to expand the company if doing so will lower the value of the equity d. agreeing to pay bonuses based on the market value of the company stock rather than on the firm's level of...
Which of the following statements is most correct regarding the independent auditor's reliance on the tests...
Which of the following statements is most correct regarding the independent auditor's reliance on the tests of controls performed by the internal auditors to reduce their substantive testing? 1-The independent auditor must obtain assurance of the independence of the internal auditors but need not test their work. 2-It is not acceptable for the independent auditor to rely upon the work of the internal auditors. 3-There are no restrictions in relying upon the work of internal auditors. 4-The independent auditor must...
Case Analysis Answer the assignment questions for this exercise after reading Chapter 2 and Concepts &...
Case Analysis Answer the assignment questions for this exercise after reading Chapter 2 and Concepts & Connections 2.4. The mini case is also provided below. The exercise should help you become aware of the role and responsibility of a company's board of directors in overseeing the strategic management process. Executive compensation in the financial services industry during the mid-2000s ranks high among examples of failed corporate governance. Corporate governance at the government-sponsored mortgage giants Fannie Mae and Freddie Mac was...
Evaluating a potential client requires which of the following steps? Question 21 options: 1) Communicate with...
Evaluating a potential client requires which of the following steps? Question 21 options: 1) Communicate with the predecessor auditor. 2) Preplan the audit. 3) Establish the terms of the engagement. 4) None of these. Question 22 (3 points) What factor would most likely would cause a CPA not to accept a new audit engagement? Question 22 options: 1) the prospective client's unwillingness to permit inquiry of its legal counsel 2) the inability to review the predecessor auditor's documentation 3) the...
Unhealthy Accounting at HealthSouth PROBLEM In 1996, key executives of HealthSouth, one of the nation’s largest...
Unhealthy Accounting at HealthSouth PROBLEM In 1996, key executives of HealthSouth, one of the nation’s largest providers of health care services, began a massive fraud that eventually amounted to $2.7 billion. HealthSouth is a textbook case of unbridled greed combined with a lack of corporate governance, which illustrates the difficult situation that auditors face when clients perpetrate a massive, collusive fraud. HealthSouth was founded in 1984 by Richard Scrushy and coworkers at Lifemark, a Houston-based company that owned and managed...
Read the attached articles about the proposed merger of Xerox and Fujifilm. Utilizing your knowledge of...
Read the attached articles about the proposed merger of Xerox and Fujifilm. Utilizing your knowledge of external and internal analysis, business and corporate strategy, and corporate governance, please discuss the following questions: 1. What is the corporate strategy behind the merger of Xerox and Fujifilm? 2. Why did Xerox agree to the merger? Is this a good deal for Xerox? Discuss the benefits and challenges they face with the merger. 3. Why did Fujifilm agree to the merger? Discuss the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT