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 Hit Thumbs up if satisfied Have any query mention in comment section please

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