ACCT 1100: Chapter 8

Internal control: consists of the processes put in place by management to provide _ that the organization will achieve its internal control objectives

Internal control objectives are: encouraging _

Internal control objectives are: preventing and detecting _

Internal control objectives are: safeguarding _

Internal control objectives are: providing accurate, _

A set of US laws established in the wake of the Enron and WorldCom accounting scandals

• The Dodd-Frank Act

• The Sarbanes-Oxley Act (SOX)

Provisions of SOX and Dodd Frank: Public companies must issue an _ report

Provisions of SOX and Dodd Frank: The _ board (PCAOB) oversees auditors of public companies, inc foreign audit firms auditing US listed companies

Provisions of SOX and Dodd Frank: Accounting firms

• cannot both audit and provide consulting services for the same client

• can both audit and provide consulting services for the same client

Provisions of SOX and Dodd Frank: Accounting firms cannot both audit and provide _ for the same client