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Homework 1, Q1-20, Q1-22

Homework 1, Q1-20, Q1-22 - Page1of3 Homework#1 Strayer...

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Page  1  of  3 Homework #1 Strayer University Class: ACC 403 Professor: Patricia Patterson McDaniel Student: Lola Imamkhanova Internet Problem 1-1. 1. According to Section 404 of SOX a public company’s annual report must include an internal control report. What are the two required elements of management’s report on internal control? A) State the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting; B) Contain an assessment, as of the end of the most recent fiscal year of the issuer, of the effectiveness of the internal control structure and procedures of the issuer for financial reporting. 2. What obligation does a public company’s auditor have with respect to internal control over financial reporting according to Section 404? Each registered public accounting firm that prepares or issues the audit report for the issuer shall attest to, and report on, the assessment made by the management of the issuer. An attestation made under this subsection shall be made in accordance with standards for attestation engagements issued or adopted by the Board. Question 1-20. a. What are the major advantages and disadvantages of each of the four types of auditing career?
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