Act105 week 7 ACCT 105 Review Exam 2023 Questions and Answers (100% Correct)

Question 1 of 10 10.0/ 10.0 Points Section 404 of Sarbanes-Oxley levies duties on both management and outside auditors of public reporting companies. A. True B. False Answer Key: True Question 2 of 10 10.0/ 10.0 Points Internal controls, as defined in Sarbanes-Oxley Section 404, are: A.the processes a company implements to prevent theft by employees. B.the processes a company implements to prevent fraternization within departments. C.the processes a company implements to ensure its financial statements comply with GAAP and are free from material misrepresentations and omissions. D.the processes a company implements to ensure its purchasing department gets materials at the lowest price available and does not accept bribes or gifts from vendors. Answer Key: C Question 3 of 10 10.0/ 10.0 Points A public company’s disclosure internal control disclosure requirements in its annual report according to Sarbanes-Oxley Section 404 include which of the following: