Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 7 - Fraud, Internal Control, and Cash - Questions - Page 372: 5

Answer

The SARBANES - OXLEY ACT (SOX) has increased the importance of internal control. After this Act, all publicly traded Corporations are required to maintain an adequate system of internal control.

Work Step by Step

These controls\systems should be reliable and effective. As per this Act, an outside auditor must attest to the adequacy of the internal control.
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