ACCT 105 Week 7 Quiz

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1. All accounting firms must register with the PCAOB.
2. Internal controls can be broken into two categories: 1) those relating to how
transactions flow, and 2) those relating to employee integrity.
3. SEC rules do not allow management to assert that a company has effective internal
controls if:
4. The Board of Directors is required to complete an annual report verifying the
effectiveness of the company’s internal control system.
5. A public company’s disclosure internal control disclosure requirements in its annual
report according to Sarbanes-Oxley Section 404 include which of the following:
6. Which costs have not increased for public companies related to implementation of
Sarbanes-Oxley?
7. Which of the following is not one of the four specific responsibilities that PCAOB
Auditing Standard No. 2 levies on company management?
8. PCAOB stands for:
9. Management’s assessment of the design and operation of the company’s internal
controls over financial reporting should be:
10. Sarbanes-Oxley has no impact on non-public companies.