Conduct an Internet search for information on internal control and the Sarbanes-Oxley Act. Write a report of your findings. In your account, discuss some of the advantages and disadvantages of the Sarbanes-Oxley Act. Present it to your class (if required by your instructor).
Four main areas in which the Sarbanes-Oxley Act focused
The Sarbanes -Oxley Act is established in 2002. This act is established for auditing and the financial regulations of the company.
Match the accounting terminology to the definitions.
1. Sarbanes-Oxley Act
2. Internal control
4. Separation of duties
5. Internal auditors
a. Organizational plan and all the related measures adopted by an entity to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting records.
b. Employees of the business who ensure that the company’s employees are following company policies and meeting legal requirements and that operations are running efficiently.
c. Rearranging plain-text messages by a mathematical process—the primary method of achieving security in e-commerce.
d. Requires companies to review internal control and take responsibility for the accuracy and
completeness of their financial reports.
e. Dividing responsibilities between two or more people.
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