Which of the following statements is true of the sarbanes-oxley act?


11) Which of the following statements is true of the Sarbanes-Oxley Act? The Public Company Accounting Oversight Board overse

Answer

Answer 11

A) The Public Company Accounting Oversight Board oversees the work of Auditors of Public companies

As

As Per the provision of SOX a Five member PCAOB a non profit corporation is constituted to oversee the work of Auditors of Public companies. It works under SEC

Answer 12

B) Collusion

when two or more employees joins to gather to compromise the internal control for some undue favour

Answer 13

C) It should not be prepared by an employee who handles cash transactions

BRS should not be prepared by the employee who handles cash as part of internal control otherwise the purpose may be compromised.

Answer 14

D) Nonsufficient fund checks

These are the checks which are returned by the bank as sufficient balance is not available for payment

Answer 15 The adjusted book balance will be

A) $18330

Calculated as

Book balance at February 28, 2017 = $6000

Add: Error by Book keeper in recording check of $1700 as $17300 = $15600

Less: Customer check returned NSF = ($3200)

Less: Bank Charges = ($70)

Adjusted book balance will be = $18330

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