Quiz - Why should accounting professionals at non-publicly...

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1. Why should accounting professionals at non-publicly traded companies stay current with issues and trends related to the Sarbanes-Oxley Act? Similar legislation specifically for non-public companies could be introduced in the future. Organizations in compliance with the Sarbanes-Oxley Act and related legislation may be viewed more favorably by lenders, investors and insurers. Private companies looking to go public will be able to make the transition more efficiently. Professionals with knowledge in this area are highly marketable at public companies. All of the above 2. Which of the following is not a result of recent accounting reforms? Private companies and nonprofit organizations are taking steps similar to public companies to strengthen internal controls and ensure the accuracy of their financial reporting. Firms listed on the New York Stock Exchange must have an internal audit function. Internal auditors are in less demand than five years ago. Costs for audit-related services have increased significantly. All of the above 3. Which organization was recently created to oversee the work of firms that audit public companies? The Securities and Exchange Commission (SEC) The Committee of Sponsoring Organizations of the Treadway Commission (COSO) The Public Company Accounting Oversight Board (PCAOB) The Federal Bureau of Investigation (FBI) The Financial Accounting Standards Board (FASB) 4. Which of the following hiring trends was not sparked by the Sarbanes-Oxley Act of 2002? Companies are adding accounting staff to meet compliance requirements. Salaries are rising as a result of the increased demand for accountants and internal auditors. Candidate recruitment and staff retention is now less important for public accounting firms and corporations. There is a continuing need to recruit top accounting professionals to help maintain ongoing compliance with the Sarbanes-Oxley Act. All of the above 5. Which of the following trends are currently emerging at universities across the country? Colleges are offering more courses in internal audit, enterprise risk management, ethics and financial statement analysis. Schools are offering certificate or degree programs in forensic accounting. Enrollment in accounting programs has risen.
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Graduates are receiving multiple employment offers. All of the above 6. Which of the following best describes how recent reforms have impacted the career prospects for internal auditors? Demand has risen and so have salaries.
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This note was uploaded on 10/26/2011 for the course ACTG 516 taught by Professor Staff during the Fall '08 term at Ill. Chicago.

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Quiz - Why should accounting professionals at non-publicly...

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