Indicate Whether Each of the Following Statements Regarding Internal Controls

question 58

Short Answer

Indicate whether each of the following statements regarding internal controls is true or false.
_____ a)The Sarbanes-Oxley Act of 2002 requires public companies to evaluate their internal controls and report those findings with SEC filings.
_____ b)The Sarbanes-Oxley Act applies to all companies,while the Enterprise Risk Management (ERM)framework is used by public companies only.
_____ c)Enterprise Risk Management (ERM)is an expansion of the earlier framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
_____ d)The COSO framework includes five interrelated components: separation of duties,quality employees,prenumbered documents,physical controls,and performance evaluations.
_____ e)Congress passed the Sarbanes-Oxley Act in 2002 in response to high profile fraud cases such as Enron and WorldCom.

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