Indicate Whether Each of the Following Statements Regarding Internal Controls

question 46

True/False

Indicate whether each of the following statements regarding internal controls is true or false.a)________ The Sarbanes-Oxley Act of 2002 (SOX)requires public companies to evaluate their internal controls and publish those findings with their SEC filings.b)________ The Sarbanes-Oxley Act (SOX)applies to all companies, while the Enterprise Risk Management (ERM)framework is used by public companies only.c)________ Enterprise Risk Management (ERM)is an expansion of the earlier framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).d)________ The COSO framework includes five interrelated components: segregation of duties, quality employees, prenumbered documents, physical controls, and performance evaluations.e)________ Congress passed the Sarbanes-Oxley Act in 2002 (SOX)in response to high profile accounting scandals, such as Enron and WorldCom.

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Definitions:

Jury Instructions

Directions given by the judge to the jury concerning the laws relevant to the case being decided.

Charge

The judge’s instructions to the jury setting forth the rules of law that the jury must apply in reaching its decision or verdict.

Alternate Jurors

Jurors selected in addition to the regular panel of jurors that can step in to replace a juror who becomes unable to serve during the trial.

Jury Deliberations

The process by which a jury discusses in private the evidence presented in court to reach a verdict.