Explain the Provisions of Section 302 of the Sarbanes-Oxley Act

question 59

Essay

Explain the provisions of section 302 of the Sarbanes-Oxley Act including obligations of officers; nature and scope of assertions; accounting requirements; and legal liability of officers.

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Definitions:

Bushel

A unit of volume that is used in agriculture, specifically in the United States, for measuring quantities of grain.

Treasury Bonds

Long-term government debt securities with a fixed interest rate, considered low-risk investments.

Interest Rate Futures

Financial derivatives contracts that lock in the future delivery of an asset based on interest rates, commonly used for hedging and speculating on future interest rate movements.

Hedge

An investment made to reduce the risk of adverse price movements in an asset, often involving derivatives like options and futures.