Asked by sandra anighoro on May 07, 2024
Verified
The report on internal control required by the Sarbanes-Oxley Act of 2002 may be prepared by either management or the company's auditors.
Sarbanes-Oxley Act
The Sarbanes-Oxley Act is a U.S. law enacted in 2002 to protect investors from potential fraudulent activities by corporations, improving financial disclosures and preventing accounting fraud.
- Acquire knowledge about the purpose and essentiality of audit opinions and internal control documents to confirm the accuracy and dependability of financial statements.
Verified Answer
ZK
Zybrea KnightMay 08, 2024
Final Answer :
False
Explanation :
The report on internal control as required by the Sarbanes-Oxley Act of 2002 must be prepared by the company's management, not the company's auditors. The auditors are responsible for auditing and reporting on the effectiveness of the internal control over financial reporting.
Learning Objectives
- Acquire knowledge about the purpose and essentiality of audit opinions and internal control documents to confirm the accuracy and dependability of financial statements.
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