Under the Rules of the Sarbanes-Oxley Act of 2002, Who

question 73

Multiple Choice

Under the rules of the Sarbanes-Oxley Act of 2002, who must certify the public reports filed with the SEC?

• A)The independent auditor
• B)The CEO
• C)The CEO and CFO
• D)The CEO and controller

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Definitions:

Translation

The process of converting the financial statements of a foreign subsidiary into the reporting currency of the parent company, according to appropriate accounting standards.

Purpose

The underlying motive or reason for the creation or existence of something.

Translation Adjustment

An adjustment in the financial statements to account for gains or losses that arise from converting foreign currencies into the reporting currency.

Functional Currency

The primary currency of the primary economic environment in which an entity operates, used in generating and expending cash.