Asked by
Bansi Mavani
on Nov 14, 2024Verified
All of the following requirements about internal controls were enacted under the Sarbanes Oxley Act except
A) independent outside auditors must attest to the level of internal control.
B) companies must develop sound internal controls over financial reporting.
C) companies must continually assess the functionality of internal controls.
D) independent outside auditors must eliminate redundant internal controls.
Sarbanes Oxley Act
A U.S. law enacted in 2002 to protect investors by improving the accuracy and reliability of corporate disclosures.
Internal Controls
Processes and procedures designed to ensure the integrity of financial and accounting information, promote accountability and prevent fraud.
Financial Reporting
The process of producing statements that disclose an organization's financial status to management, investors, and regulators.
- Interpret the functions and importance of documentation and verification in internal control.
Verified Answer
MM
Learning Objectives
- Interpret the functions and importance of documentation and verification in internal control.