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non graded questions - Financial accounting foundations...

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Chapter 7 Questions Q5)SOX makes all publicly traded companies in U.S. to maintain an adequate system of internal control. Corprorate executives and board of directors must ensure that controls are reliable and effective, outside auditors must attest to adequacy of system. Sox also made the Public Company Accounting Oversight Board (PCAOB) to establish auditing standards and regulate auditor activity. BYP7-5) a) The mission of FASB is to establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernment entities that provide decision useful information to investors and other users of statemenets. Use comprehensive process that encourages broad participation, objectively considers all stakeholder views and is subject to oversight by
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Unformatted text preview: Financial accounting foundations board of trustees. b) The Chairman will consult with FASB members, directors before adding or removing a project or changing priorities. Chairman will then announce changes to FASB’s technical agenda at a meeting of the FASB and through a posting to the FASB website. Once Chairman approves a project and assigns its priority, the directors will assign members of FASB technical staff to work on project. c) FASB is open because its procedures permit timely thorough open studies and encourages broad public participation in standard setting process by creating channels for all points of view to be expressed...
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