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ais homework #3 - Alec Kraft Accounting Information Systems...

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Alec Kraft Accounting Information Systems DQ: 4. This statement is not true because there is no way to completely eliminate fraud from any company. Even with a very strong internal control, there still could always be some type of fraud that happens within the company. The complete elimination of fraud is impossible. 7. The Sarbanes-Oxley act has had a significant impact on corporate governance by completely reforming it. The act makes all audit committee members be independent and requires the audit committee to hire and oversee the external auditors. It has prohibited public companies from making loans to executive officers and directors and requires attorneys to report evidence of a material violation of securities laws and breaches of fiduciary duty to the CEO, CFO, or the PCAOB. 8. Exposure is the absence or weakness of a control and they can increase the firm’s risk to financial loss or injury from undesirable events. A company may tolerate some exposure because
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