Public Reporting on the Effectiveness of Internal Control Over Financial

question 18

Multiple Choice

Public reporting on the effectiveness of internal control over financial reporting, as required by the Sarbanes-Oxley Act, includes:

• A)a statement that the public accounting firm that audited the financial statements has provided input on the design of internal controls.
• B)the auditor provides an opinion on whether the entity maintained, in all material respects, effective ICFR as of the specified date, based on the control criteria.
• C)an explicit statement as to whether management agrees with the public accounting firm's assessment of internal controls.
• D)a detailed statement describing changes or additions to the internal control environment that occurred in the current year.

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Definitions:

Close Relationships

Emotional bonds between individuals, characterized by affection, trust, and mutual support, including friendships, familial, and romantic partnerships.

Job Burnout

Refers to a sense of mental exhaustion that accompanies long-term job stress, excessive workloads, and reduced feelings of control; relatively frequent in professions that are interpersonally demanding and whose demands may exceed workers’ coping skills.

Social Support

The provision of emotional, informational, or material assistance from individuals or groups, contributing to a person's well-being.

Legal Assistant

A professional who supports lawyers by conducting legal research, drafting documents, and managing files, also known as a paralegal.