ACCT 212 Week Four Homework (100% CORRECT SOLUTIONS)

Week 4 Homework: 1. Select the appropriate provisions of the Sarbanes-Oxley Act (SOX) for each of the following descriptions. a. Executives must personally certify the company’s financial statements. - Corporate Executive Accountability b. Audit firm cannot provide a variety of other services to its client, such as investment advising. - Non-audit services c. PCAOB establishes standards related to the preparation of audited financial reports. - Oversight Board d. Lead audit partners are required to change every five years. - Auditor rotation e. Management must document the effectiveness of procedures that could affect financial reporting. - Internal control 2. Below are several scenarios related to control activities of a company. Required: For each scenario, determine which control activity is violated. Control activities include separation of duties, physical controls, proper authorization, employee management, reconciliations, and performance reviews. If no control activity is violated, select "none." 3. Below are several amounts reported at the end of the year.