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Required: The Week7 Forum consists of two separate questions. You will answer one of the questions. The chosen question needs to be answered with an initial post ofat least 250 words. (1 st question)...

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Required:

The Week7 Forum consists of two separate questions. You will answer one of the questions. The chosen question needs to be answered with an initial post ofat least 250 words.

(1st question) Discuss the impact of Sarbanes-Oxley on a company’s internal controls. Be sure to define internal controls and discuss the basic principles for assessing internal controls.

(2nd question) The Sarbanes-Oxley Act of 2002 (SOX) was enacted in response to a number of accounting scandals in major corporations that resulted in the loss of billions of investor dollars. Choose one accounting scandal that precipitated this legislation and discuss whether or not internal controls (or lack thereof) contributed to the scandal.

Instructions:Your initial response should be no less than 250 words.

week-7-instructions-acct105-v123e3zl.docx
Answered Same Day Jan 13, 2021

Solution

Khushboo answered on Jan 14 2021
155 Votes
Sa
anes-Oxley Act and Internal Control:
The internal control can be defined as the rules and procedures which are implemented by the entity for ensuring the integrity of the financial and accounting information and promote the accountability and prevention of the fraud in the entity. The Sa
anes -Oxley Act was passed by the United States Congress in 2002 and this legislation is enforced for regulating the corporate governance and practices in the financial (Greene, E. F. 2004). The act was implemented in connection to the accounting scandals in the public entities and this created the change in the auditing and internal control aspect of the accounting. Further the Section 404 of the Sa
anes-Oxley Act i.e....
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