Explain the Sarbanes-Oxley Act of 2002.
Answer the following to the best of your ability in complete sentences with proper spelling and grammar. Be sure to elaborate on your answers and provide support for each of your statements. Your textbook and your own knowledge are your source for answering questions unless otherwise instructed. Format your answers in blue font.
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Chapter 7 – Corporate Information Security and Privacy Regulation
1. What are the differences and similarities between public and private companies?
2. Summarize the Enron case.
3. Why do we need accurate financial reporting?
4. Explain the Sarbanes-Oxley Act of 2002.
5. Name three or more of the requirements of the PCAOB.
6. Explain the internal controls of SOX Section 404.
7. What is COSO and what are the five components?
8. What is the aim of COBIT?
9. Define the following: Form 10-K, Form 10-Q, and Form 8-K.
10. (Refer to the attached file Sarbanes-Oxley Act if you need further information.) I want you to play the role an internal auditor and you are assigned the task of creating a specific checklist to ensure compliance with Section 404 of the SOX Act. You will need to write an executive summary highlighting compliance details of Section 404 and the need for an ongoing policy to ensure compliance. This summary will be submitted to executive management.