WSU ACCTG 230 Exam 2 Questions with
100% Correct Answers | Verified | Latest
Update
Discussitheiimpactiofiaccountingiscandalsi-iCorrectiAnswer-
•iManagersiareientrustediwithitheiresourcesiofibothitheicompany'silend
ersiandiowners
•iManagersiactiasistewardsioricaretakersiofitheicompany'siassets
•iSomeimanagersihaveishirkeditheiriethicaliresponsibilities
Sarbanes-OxleyiActiincludingitheiprovisionsiofitheiacti-iCorrectiAnswer-
•iAlsoiknowniasitheiPubliciCompanyiAccounting
ReformiandiInvestoriProtectioniActiofi2002
•iAppliesitoiallicompaniesithatiareirequireditoifileifinancialistatementsiw
ithitheiSEC
SOXisetsiforthiaivarietyiofiguidelinesirelateditoiauditor-
clientirelationsiandiadditionaliinternalicontrols.
ProvisionsiofiSOXi-iCorrectiAnswer-Informationitransparency
Noiretaliationiagainstiwhistleblowers
i
Approved/properiaudits
i
Disclosureiofioff-balanceisheetiitems
i
, InternaliControliComponentsi-iCorrectiAnswer-Monitoring
Continuali___________ofiinternaliactivitiesiandireportingiofideficiencie
siisirequired.
Monitoringiincludesiformaliproceduresiforireportingicontrolideficiencie
s.
ControliActivitiesi
_______i____________areitheipoliciesiandiproceduresithatihelpiensurei
thatimanagement's
directivesiareibeingicarriediout.iTheseiactivitiesiincludeiauthorizations,ir
econciliations,iand
separationiofiduties.
Riskiassessmenti
______i___________iidentifiesiandianalyzesiinternaliandiexternaliriskifa
ctorsithaticouldipreventia
company'siobjectivesifromibeingiachieved.
ControliEnvironmenti
Thei________i___________setsitheioveralliethicalitoneiofitheicompanyi
withirespectitoiinternal
control.iItiincludesiformalipoliciesirelateditoimanagement'siphilosophy,i
assignmentiof
100% Correct Answers | Verified | Latest
Update
Discussitheiimpactiofiaccountingiscandalsi-iCorrectiAnswer-
•iManagersiareientrustediwithitheiresourcesiofibothitheicompany'silend
ersiandiowners
•iManagersiactiasistewardsioricaretakersiofitheicompany'siassets
•iSomeimanagersihaveishirkeditheiriethicaliresponsibilities
Sarbanes-OxleyiActiincludingitheiprovisionsiofitheiacti-iCorrectiAnswer-
•iAlsoiknowniasitheiPubliciCompanyiAccounting
ReformiandiInvestoriProtectioniActiofi2002
•iAppliesitoiallicompaniesithatiareirequireditoifileifinancialistatementsiw
ithitheiSEC
SOXisetsiforthiaivarietyiofiguidelinesirelateditoiauditor-
clientirelationsiandiadditionaliinternalicontrols.
ProvisionsiofiSOXi-iCorrectiAnswer-Informationitransparency
Noiretaliationiagainstiwhistleblowers
i
Approved/properiaudits
i
Disclosureiofioff-balanceisheetiitems
i
, InternaliControliComponentsi-iCorrectiAnswer-Monitoring
Continuali___________ofiinternaliactivitiesiandireportingiofideficiencie
siisirequired.
Monitoringiincludesiformaliproceduresiforireportingicontrolideficiencie
s.
ControliActivitiesi
_______i____________areitheipoliciesiandiproceduresithatihelpiensurei
thatimanagement's
directivesiareibeingicarriediout.iTheseiactivitiesiincludeiauthorizations,ir
econciliations,iand
separationiofiduties.
Riskiassessmenti
______i___________iidentifiesiandianalyzesiinternaliandiexternaliriskifa
ctorsithaticouldipreventia
company'siobjectivesifromibeingiachieved.
ControliEnvironmenti
Thei________i___________setsitheioveralliethicalitoneiofitheicompanyi
withirespectitoiinternal
control.iItiincludesiformalipoliciesirelateditoimanagement'siphilosophy,i
assignmentiof