For the procurement business process,assessed risk is optional under Sarbanes-Oxley as long as a company's internal control system has been approved by external auditors.

Question

Quizplus · Accepted Answer

This statement is false. Assessed risk is not optional under Sarbanes-Oxley for the procurement business process or any other business process. Companies must identify and assess risks as part of their internal control system and include them in their annual reports to the Securities and Exchange Commission (SEC). External auditors are responsible for reviewing and testing the effectiveness of these controls, but they do not approve the internal control system itself.

For the Procurement Business Process,assessed Risk Is Optional Under Sarbanes-Oxley