Which of the Following Is NOT an Implication of Section

question 128

Multiple Choice

Which of the following is NOT an implication of section 302 of the Sarbanes-Oxley Act?

• A) Auditors must determine, whether changes in internal control has, or is likely to, materially affect internal control over financial reporting.
• B) Auditors must interview management regarding significant changes in the design or operation of internal control that occurred since the last audit.
• C) Corporate management (including the CEO) must certify monthly and annually their organization's internal controls over financial reporting.
• D) Management must disclose any material changes in the company's internal controls that have occurred during the most recent fiscal quarter.

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Definitions:

Cumulative Value

The total value generated over time by a series of financial transactions or investments.

Aggregate Income

All earnings of resource suppliers in an economy during a given period, usually a year.

Price Level

A measure of the average prices of goods and services in the economy at a given time, often used to assess inflation rates.

Stock Variable

A quantity measured at a specific point in time, representing a snapshot of a certain economic variable such as capital or debt.