The Sarbanes-Oxley Act Requires That an Internal Control Report Be

question 25

Multiple Choice

The Sarbanes-Oxley Act requires that an internal control report be included in every company's annual report. Which one of the following is NOT one of the requirements of the internal control report?

• A) Contain an assessment by management of the internal control structure
• B) State the responsibility of management to maintain an adequate control structure
• C) Describe in detail the internal controls of the company
• D) Contain an independent assessment by an independent auditor of the reliability of internal controls

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Definitions:

Economic Espionage Act

is a United States federal law that criminalizes the theft or misappropriation of trade secrets with the intent of benefiting a foreign power.

Federal Crime

Illegal activities that violate federal laws and are prosecuted by the federal government.

Trade Secrets

Confidential business information that provides an enterprise with a competitive edge and is protected from disclosure.

Economic Espionage

The act of illegally obtaining confidential business information, such as trade secrets or intellectual property, for economic advantage.