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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Definitions:

Fetuses

The developmental stage of human beings in the womb from the end of the eighth week after conception until birth.

Wakefulness

The state of being awake and aware of one's surroundings, characterized by active engagement with the environment and cognitive processes.

Sleep

A natural, reversible state of rest for the mind and body, essential for health and cognition.

Developing Embryo

Describes the early stage of fetal development post-conception, characterized by rapid cellular division and differentiation.