Section 404 of the Sarbanes-Oxley Act, Management Assessment of Internal Controls, includes all of the following except:
A) A statement of management's responsibility for establishing the internal control structure.
B) A waiver of auditor responsibility for assessing management's report on internal controls.
C) An assessment of the effectiveness of internal controls by management.
D) An assessment of the effectiveness of procedures for financial reporting by management.
E) A requirement that management include in its annual report an internal control report.

Question

Quizplus · Accepted Answer

Section 404 of the Sarbanes-Oxley Act does not include a waiver of auditor responsibility for assessing management's report on internal controls. Instead, it requires auditors to evaluate and report on the effectiveness of a company's internal controls over financial reporting.