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Why is Section 404 of the Sarbanes Oxley Act controversial?
"Section 404 is the most controversial provision of Sarbanes-Oxley. It requires all public companies to have internal procedures in place to prevent errors and fraud in the company's financial statements, Section 404 also requires outside auditors to assess the effectiveness of those internal controls. The Council believes Section 404 is a core element of SOX. It plays a vital role in ensuring both high quality financial reporting and investor confidence in U.S. capital markets. Any company tapping public markets to raise capital should be required to meet certain minimal standards of good corporate governance. Those standards should include strong internal controls that are subject to meaningful review and attestation by independent auditors. However, the Securities and Exchange Commission (SEC) exempted small public companies (defined as those with a market capitalization of less than $75 million) from the auditor-attestation requirement. In September 2009, the SEC announced the exemption would end next June. But in 11-4-09 House Committee on Financial Services approved an amendment to the Investor Protection Act that would permanently exempt companies with less than $75 million in market capitalization from the auditor attestation requirement. The turmoil is that the council believes that smaller companies have had ample time to prepare to comply with this crucial provision of Sarbanes-Oxley. Also, the need for strong internal controls is particularly important for smaller public companies, where much of financial reporting fraud has occurred."
Which type of checking account requires a certain amount of money to be kept in it at all times in order to avoid fees?
minimum balance account
What is revenue recognition?
Revenue recognition is an accounting principle that prescribes when companies need to recognize revenue. Under US GAAP as well as IFRS companies need to recognize revenue when they have delivered the goods/rendered the services and payment is reasonably certain.
Who is authorised to sign companies Income Tax Return?
Auhtorization like any corporate authority is made by the taxpayer in their own method of bestowing powers on Corporate Officers. As far as the IRS is concerned, the return must be signed by a Corporate Officer, or anyone that is authorized to do so, by having an appropriate form on file (which requires certain proofs). In reality, especially in todays world requiring electronic filing by most Corps...and that requires several types of Corporate authorization, this may not be terribly important as the signature/authorization on the check (or electronic payment) for paying the taxes certainly proves corporate intent.
For GAAP purposes may combined financial statements be issued for affiliated companies which have different reporting periods for tax purposes?
I think its to make persons in a organization aware of certain changes.
How many signatures are required for over checks over a certain amount for most companies?
2
What is a monoply?
controls an industry
Will signatures be replaced by electronic signatures in the future?
It is likely that electronic signatures will become more common in the future, but traditional handwritten signatures may still be used in certain situations.
What blocks infrared cameras from detecting heat signatures?
Certain materials, like glass and certain plastics, can block infrared cameras from detecting heat signatures because they are transparent to infrared radiation.
A future contract does what?
It requires you to do a certain thing, for a certain price, on a certain date.
What does a future contract do?
It requires you to do a certain thing, for a certain price, on a certain date.
Who can notarize signatures in British Columbia?
In British Columbia, notaries public and lawyers authorized to practice law can notarize signatures. Additionally, certain authorized officials such as municipal clerks or commissioners for taking affidavits may also have the authority to notarize signatures in specific situations.
How many signatures are needed For a company checks over a certain dollar amount?
That depends on the company rules.
Nomination by petition is done by gathering signatures from what?
a certain number of qualified voters in a district
One company controls the market for a certain product there is no competition?
monopoly
The structure in the hindbrain that controls certain reflexes and coordinates the body's movements is the?
cerebellum.
How many car insurance companies have good ratings?
There are many car insurance companies that have good ratings as all of the companies can either specialize in certain cars or offer specific discounts for certain brands or models. There are hundreds of companies with good reviews.
