The SOX Act and Bill 198 Both Require Management to Create

question 11

Short Answer

The SOX Act and Bill 198 both require management to create ________ sufficient to produce reliable financial statements and to protect an organization's assets.

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Definitions:

Immaterial

Refers to the insignificance of information or amounts that would not influence the decision-making process of users of financial statements.

Aggregation

involves the process of combining multiple pieces of data or information to form a summary or a whole, used extensively in statistics, data analysis, and reporting.

Non-Current

Refers to assets or liabilities expected to be settled, realized, or fully appreciated over a period longer than the company's next fiscal year.

Operating Cycle

The average time period between purchasing or acquiring inventory and receiving cash from the sale of goods or services.