Which of the following is explicitly required by the Sarbanes-Oxley Act of 2002 for audits of public companies?
a. Subsequent event review.
b. Engagement quality review.
c. Disclosure of all contingent liabilities.
d. Seven year client rotation.
b
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To effectively deliver an unpleasant or highly emotional message to an employee
a. meet with the employee face to face. b. leave the message on the employee's voice mail. c. send a memo addressed to the specific employee. d. place the message on the company's web page.
Regarding relevant nonfinancial information, which of the following statements is incorrect?
A) Nonfinancial, or qualitative, factors play a role in managers' decisions and, as a result, can be relevant. B) Relevant qualitative information has the same characteristics as relevant financial information. C) Managers must always consider the potential quantitative and qualitative effects of their decisions. D) Qualitative factors can be ignored because these factors are difficult to measure.
An optional columnar working paper used to prepare a company's unadjusted trial balance, adjusting entries, adjusted trial balance, and financial statements is a(n):
A. Unadjusted trial balance. B. Post-closing trial balance. C. Work sheet. D. Adjusted trial balance. E. General ledger.
The Sarbanes-Oxley Act of 2002 was passed in response to ________
A) insider trading activities B) false disclosures in financial reporting C) the decline in technology stocks D) the agency issue