Which SOX Section Requires the Public Accounting Firm That Audits

question 64

Multiple Choice

Which SOX section requires the public accounting firm that audits the financial statements of the company to issue an attestation report regarding the effectiveness of the company's internal controls?

• A)Section 806. Protection for Employees of Publicly Traded Companies Who Provide Evidence of Fraud
• B)Section 404. Management Assessment of Internal Controls
• C)Section 906. Corporate Responsibility for Financial Reports
• D)Section 302. Corporate Responsibility for Financial Reports

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Definitions:

Per Unit

Refers to the measurement or cost associated with one single unit of product or service.

Labor Efficiency Variance

The difference between the actual labor hours used and the standard labor hours expected for the level of production achieved.

Labor Rate Variance

A financial measure that calculates the difference between the actual labor costs and the expected labor costs based on standard rates.

Labor Rate Variance

The difference between the actual cost of labor and the budgeted cost, based on the standard labor rate.