Section 404 Requires Management to Make a Statement Identifying the Control

question 41

Essay

Section 404 requires management to make a statement identifying the control framework used to conduct their assessment of internal controls.Discuss the options in selecting a control framework.

---

Definitions:

State Unemployment Insurance

A government-mandated program that provides temporary financial assistance to workers who have lost their jobs through no fault of their own.

Employer Payroll Tax

Taxes that employers are required to pay on behalf of their employees, including Social Security, Medicare, and unemployment taxes.

FICA Taxes

FICA Taxes are payroll taxes collected to fund the Social Security and Medicare programs, split between the employer and the employee.

Payroll Tax Expense

The taxes that employers are required to withhold and pay on behalf of their employees, including Social Security and Medicare taxes.