Section 302 Requires the Management of Public Companies to Assess

question 27

True/False

Section 302 requires the management of public companies to assess and formally report on the effectiveness of their organization's internal controls.

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Definitions:

Incurred Costs

Costs that have been realized or expended in the course of business operations.

Actuator

A device that produces mechanical motion in response to an electrical, air, or hydraulic signal.

Pilot Operated

A system or valve controlled indirectly through the use of a smaller, pilot valve rather than directly by mechanical means.

Flow Control

The regulation and management of the rate or volume of flow in a system, such as fluids in pipelines or data over networks, to meet certain conditions or requirements.