Hmwk 06 - Young Suk Choi(D7 MGMT 30A Chapter 7 Question 1"Internal control is concerned only with enhancing the accuracy of the accounting records

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Young - Suk Choi (D7) MGMT 30A Chapter 7 Question 1. “Internal control is concerned only with enhancing the accuracy of the accounting records.” Do you agree? Explain. o No, I don’t think the Internal Control is concerned only with enhancing the accuracy of the accounting records. The Internal Control is concerned with safeguard its assets, enhance the accuracy and reliability of its accounting record, establish responsibility, documentation procedures, and verification independent internal. 2. Discuss how the Sarbanes-Oxley Act has increased the importance of internal control to all employees in a company. o It imposes more responsibilities on corporate executives and boards of directors to ensure that company’ internal controls are reliable and effective. Under this law, companies must develop sound principles of control over financial reporting, and continually assess that these controls are working. In addition, independent outside auditors must attest to the level of internal control. So Sarbanes-Oxley Act affects many increase fairness of financial accounting
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This note was uploaded on 04/22/2008 for the course MGMT 30B taught by Professor Tian during the Winter '08 term at UC Irvine.

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Hmwk 06 - Young Suk Choi(D7 MGMT 30A Chapter 7 Question 1"Internal control is concerned only with enhancing the accuracy of the accounting records

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