As a Result of Computerized Information Processing Systems in Many

question 59

True/False

As a result of computerized information processing systems in many organizations today, the need for accountants in these organizations has significantly declined.

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Definitions:

Sarbanes Oxley Act

A U.S. law enacted in 2002 to protect investors by improving the accuracy and reliability of corporate disclosures.

Internal Controls

Processes and procedures designed to ensure the integrity of financial and accounting information, promote accountability and prevent fraud.

Financial Reporting

The process of producing statements that disclose an organization's financial status to management, investors, and regulators.

Independent Internal Verification

A process within a company to check the accuracy and completeness of transactions by having them reviewed by a third party or separate department.