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BUS 319 FINAL
Terms in this set (3)
SOX Section 302
Section 302 focuses on internal controls and requires corporate management, including the CEO to:
- Certify financial and other information contained in
quarterly and annual reports.
- Certify the internal controls over financial reporting.
- State responsibility for internal control design and provide
reasonable assurance as to the reliability of the financial
- Disclose any recent material changes in internal controls.
SOX Section 404
Section 404 requires management of public companies to assess the effectiveness of internal controls over financial reporting. Annual report must:
- Describe the flow of transactions, including IT aspects.
- Assess design and operating effectiveness of IC related to material
- Assess potential for fraud and evaluate controls designed to prevent
or detect it.
- Evaluate and conclude on the adequacy of controls over the
financial statement reporting process.
- Evaluate general controls that correspond to COSO internal control
1) Creation of an accounting oversight board (PCAOB)
2) Auditor independence
3) Corporate governance and responsibility
4) Issuer and management disclosure
5) Fraud and criminal penalties
OTHER SETS BY THIS CREATOR
Harder Terms Audit Midterm 3
Audit Midterm 3
BUS 404- Stern Midterm 1
BUS 387 Dahm Midterm 3