Which Is Not Associated with the Sarbanes-Oxley Act of 2002

question 27

Multiple Choice

Which is not associated with the Sarbanes-Oxley Act of 2002?

• A)Auditors cannot provide clients with bookkeeping services.
• B)Auditors do not report to CEOS and CFOs.
• C)Senior managers for auditing firms cannot supervise the audit of a given client for more than five years.
• D)The accounting industry maintains self-regulation.

Apply the concepts of division of labor and hierarchy of authority within organizational contexts.

Distinguish between the outcomes of different organizational designs on employee behavior and performance.

Understand the implications of organizational design choices on efficiency, flexibility, and responsiveness to market changes.

Understand the reasons for discrepancies between bank statements and accounting records.

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Definitions:

Products and Services List

A catalog in accounting or business software that enumerates all the items or services a company sells or manages.

QBO

Stands for QuickBooks Online, a cloud-based accounting software used for business accounting and financial management.

Undeposited Funds

Funds that have been received but not yet deposited into the bank account.

Receive Payment

The process of collecting money from customers in exchange for goods or services provided.