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Presentation/PPT
27/08/2022
A single person or small group that dominates management
The addition of outside independent board members
Excessive safeguards and monitoring systems
As of a Specified Date: Yes, For a Specified Period of Time: Yes
56) The Sarbanes-Oxley Act of 2002 (SOX) imposes which of the following requirements?
Answers
The board of directors must be composed entirely of independent shareholders
At least one member of the audit committee must be a former partner of the independent public accounting firm
The audit committee must be composed entirely of independent members of the board
Once the audit committee has selected the independent public accounting firm, the committee must not interfere with the firm’s conduct of the financial statement audit
57) Which of the following is most likely a violation of the rules of the PCAOB?
Answers
An issuer’s independent auditor also performs consulting work for the issuer on the design and operation of its internal controls
An issuer offers its common shares and preferred shares on different stock exchanges
An issuer’s management is not independent of its board of directors
An issuer uses the same independent auditor in 2 consecutive years
58) All of the following are audit quality control requirements contained in SOX of 2002 EXCEPT
Answers
The lead audit partner must rotate off the audit every 5 years
The audit report must be submitted to the PCAOB prior to issuance
The audit report must be reviewed and approved by a second partner
The PCAOB will periodically inspect registered CPA firms
59) Section 302 of SOX of 2002 requires the CEO and CFO, in every annual or quarterly filing with the SEC, to certify all of the following EXCEPT
Answers
That they have taken every practical step to correct significant control deficiencies identified in the previous audit
That they have evaluated the effectiveness of the system of internal control
That they have taken responsibility for the system of internal control
That to the best of their knowledge, the financial statements are free of material misstatements
60) To date, The PACOB issued _____________ new standards
Answers
5
14 or 15
99
125
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