4.6 Describe the major requirements of the Sarbanes-Oxley Act and how they impact Canadian provincial regulations
1) Sarbanes-Oxley has not influenced Canadian standards.
2) Prior to SOX, external auditors often reported to a company's upper management.
3) Under SOX, the Chief Executive Officer and Chief Financial Officer must sign off on:
A) all annual reports by the company.
B) all quarterly reports by the company.
C) all annual or quarterly reports by the company.
D) the external auditor's opinion.
E) monthly expenses.
4) One of the biggest factors in implementing SOX was:
A) reviewing the financial reports.
B) establishing internal control procedures.
C) disclosing deficiencies in internal controls.
D) the cost of implementing the system.
E) government approval.
5) The Audit Committee's responsibilities are assigned by the:
A) Chief Executive Officer.
B) Chief Financial Officer.
C) Board of Directors.
D) company Controller.
E) Finance Manager.
6) The positions of Treasurer and Controller directly report to the:
A) Audit Committee.
B) Vice-President of Accounting and Finance.
C) Chief Executive Officer.
D) Chief Financial Officer.
E) Accounting Manager.
7) The Sarbanes-Oxley Act in the United States applies to __________-.
8) The responsibility of external and internal auditing is assigned by the __________.
9) Canada formed a new accounting supervisory body after 2002. Name the accounting body.
10) In order to get a handle on accounting fraud, the U. S. Congress in 2002 passed the __________.