Explain the concept of materiality. How does the Sarbanes-Oxley Act of 2002 affect management’s responsibility for internal controls? What are the four broad objectives of internal control? What...

Explain the concept of materiality.

How does the Sarbanes-Oxley Act of 2002 affect

management’s responsibility for internal controls?

What are the four broad objectives of internal

control?

What are the four modifying assumptions that guide

designers and auditors of internal control systems?