ACCY 201 TEST 2 BURNEY EXAM PREP
STUDY GUIDE QUESTIONS ANSWERS
COMPLETE SOLUTION BUNDLE
●● Sarbanes-Oxley Act
Answer: A law passed by Congress that requires companies to certify
that their firm's financial statements are accurate.
●● PCAOB (Public Company Accounting Oversight Board)
Answer: sets audit standards
●● Fraud
Answer: intent to deceive for personal gain
●● control enviroment
Answer: what is expected in work place, training
●● risk assessment
Answer: risk management, SWOT analysis
●● Control Procedures
Answer: 1. establishing job responsibilities
, 2. maintain adequate records
3. insure assets and bond key elements
4. segregation of duties
5. separate accounting from custody from operations
6. technology controls
7. independent controls
●● warning signs
Answer: monitoring
●● info and communications
Answer: transparency, stockholders want to see the info
●● human element error
Answer: fatigue, negligence, poor independent
●● collusion
Answer: two or more performing fraud
●● cash equivalents
Answer: investments for 90 days or less
STUDY GUIDE QUESTIONS ANSWERS
COMPLETE SOLUTION BUNDLE
●● Sarbanes-Oxley Act
Answer: A law passed by Congress that requires companies to certify
that their firm's financial statements are accurate.
●● PCAOB (Public Company Accounting Oversight Board)
Answer: sets audit standards
●● Fraud
Answer: intent to deceive for personal gain
●● control enviroment
Answer: what is expected in work place, training
●● risk assessment
Answer: risk management, SWOT analysis
●● Control Procedures
Answer: 1. establishing job responsibilities
, 2. maintain adequate records
3. insure assets and bond key elements
4. segregation of duties
5. separate accounting from custody from operations
6. technology controls
7. independent controls
●● warning signs
Answer: monitoring
●● info and communications
Answer: transparency, stockholders want to see the info
●● human element error
Answer: fatigue, negligence, poor independent
●● collusion
Answer: two or more performing fraud
●● cash equivalents
Answer: investments for 90 days or less
