Which of the following requires managements of pubic companies to assess the adequacy of internal controls over financial reporting and further requires their auditors to audit management's assessment of internal controls over financial reporting and the actual effectiveness of the system of internal controls?
A) Foreign Corrupt Practices Act
B) Securities Exchange Act of 1934
C) SAS 55, Consideration of the Internal Control Structure in a Financial Statement Audit
D) Section 404 of Sarbanes-Oxley
E) PCAOB Standard No. 9

Question

Quizplus · Accepted Answer

Section 404 of the Sarbanes-Oxley Act requires management of public companies to assess the adequacy of their internal controls over financial reporting and mandates that auditors audit both management's assessment and the effectiveness of internal controls.

Which of the Following Requires Managements of Pubic Companies to Assess