Question 1

What is one of the restrictions on Public Company Accounting Oversight Board (PCAOB)?

Accepted Answer

A)  The Chairmen must be a practicing CPa. 
B)  Only two members are allowed to be, or have been a CPA. 
C)  Each member must be on the board of directors of a major corporation. 
D)  All board members must put their investment holdings into a blind trust account while serving on the PCAOB. 
A)  The Chairmen must be a practicing CPa. 
B)  Only two members are allowed to be, or have been a CPA. 
C)  Each member must be on the board of directors of a major corporation. 
D)  All board members must put their investment holdings into a blind trust account while serving on the PCAOB. B

Question 2

Under Section 302, the CEO and CFO must file separate reports that certify:

Accepted Answer

A)  The signing officer has reviewed the report. 
B)  The report does not contain any untrue statement of a material fact. 
C)  The financial statements fairly present in all material respects the financial condition and results of operations of the year. 
D)  All of the above. 
A)  The signing officer has reviewed the report. 
B)  The report does not contain any untrue statement of a material fact. 
C)  The financial statements fairly present in all material respects the financial condition and results of operations of the year. 
D)  All of the above. D

Question 3

The 1987 Report of the National Commission on Fraudulent Financial Reports major overtone was:

Accepted Answer

A)  To urge subordinate workers to blow the whistle on corrupt acts within their corporations. 
B)  The implementation of harsher sentences upon guilty corporations. 
C)  Establishing the right tone at the top (the corporate culture, including an ethics code). 
D)  Increasing the SEC's power. 
A)  To urge subordinate workers to blow the whistle on corrupt acts within their corporations. 
B)  The implementation of harsher sentences upon guilty corporations. 
C)  Establishing the right tone at the top (the corporate culture, including an ethics code). 
D)  Increasing the SEC's power. C

Question 4

Title VIII--Corporate and Criminal Fraud Accountability sets forth penalties for senior managers and directors if they knowingly defraud shareholders of publicly traded companies; what is the prison term?

Accepted Answer

A)  5 years. 
B)  10 years. 
C)  15 years. 
D)  25 years. 
A)  5 years. 
B)  10 years. 
C)  15 years. 
D)  25 years.

Question 5

The SOX grew out of which of the following situations?

Accepted Answer

A)  FASB Statements being too overbearing. 
B)  GAAP becoming outdated. 
C)  The SEC and accounting professionals agreeing to more restrictive rules after each major accounting scandal. 
D)  Citizens forcing Congress to make more laws regulating the accounting industry. 
A)  FASB Statements being too overbearing. 
B)  GAAP becoming outdated. 
C)  The SEC and accounting professionals agreeing to more restrictive rules after each major accounting scandal. 
D)  Citizens forcing Congress to make more laws regulating the accounting industry.

Question 6

If a corporation must restate its financial statements due to miss-conduct, what must the CEO and CFO do?

Accepted Answer

A)  Remove themselves from their positions within the corporation. 
B)  Form an internal control review committee. 
C)  Issue a stock-bonus to all shareholders. 
D)  Disgorge themselves of any profits from the sale of the company's securities, bonuses, or general incentive compensation. 
A)  Remove themselves from their positions within the corporation. 
B)  Form an internal control review committee. 
C)  Issue a stock-bonus to all shareholders. 
D)  Disgorge themselves of any profits from the sale of the company's securities, bonuses, or general incentive compensation.

Question 7

SOX dramatically increased sentences for violators of the law. Discuss some of these penalties.

Accepted Answer

It establishes 20 year sentenc

Question 8

The enterprise risk management report defines 16 overlapping components.

Accepted Answer

A) True 
 B)False

Question 9

The United States Sentencing Commission bases its guidelines for sentencing upon the Guidelines Manual.

Accepted Answer

A) True 
 B)False

Question 10

Crimes covered under SOX have penalties that are raised from 5 to 20 years in prison. What types of crimes are these called?

Accepted Answer

A)  Blue Collar. 
B)  White Collar. 
C)  Racateering. 
D)  Associative. 
A)  Blue Collar. 
B)  White Collar. 
C)  Racateering. 
D)  Associative.

Question 11

ISO 27002 has a specific topic of Asset Management. Which of the following is considered an Asset that needs to be safeguarded within a corporation?

Accepted Answer

A)  Vehicles. 
B)  Office Furniture. 
C)  Information. 
D)  All of the above. 
A)  Vehicles. 
B)  Office Furniture. 
C)  Information. 
D)  All of the above.

Question 12

One of the mandated standards within Title I of SOX is that auditors must retain their working papers for a minimum of five years.

Accepted Answer

A) True 
 B)False

Question 13

In regards to the accounting industry, what are the most important areas that the SEC Chief Accountant deals with?

Accepted Answer

A)  The FASB. 
B)  The IASb. 
C)  The AICPA. 
D)  All of the above. 
A)  The FASB. 
B)  The IASb. 
C)  The AICPA. 
D)  All of the above.

Question 14

If you were a research analyst, what did SOX do to change your job?

Accepted Answer

Limits the investment bankers' ability t

Question 15

Explain some of the increased corporate responsibilities indicated in SOX.

Accepted Answer

Public company audit committees, Corpora

Question 16

What does Section 206 of Title II prevent a public-accounting firm from doing?

Accepted Answer

A)  Auditing a client if the CEO, chief accountant, or chief financial officer of the client worked for the public accounting firm and participated in auditing if that client in the previous 12 months from the beginning of the audit. 
B)  Hiring the CEO, chief accountant, or chief financial officer if the client worked for the public accounting firm and participated in auditing of that client in the 12 months after the beginning of the audit. 
C)  Having direct telephonic or E-mail communications with the CEO, chief accountant, or chief financial officer if the client worked for the public accounting firm and participated in auditing of that client in the previous 12 months from the beginning of the audit. 
D)  Publishing their findings in the audit to the SEC for public inspection by other corporations. 
A)  Auditing a client if the CEO, chief accountant, or chief financial officer of the client worked for the public accounting firm and participated in auditing if that client in the previous 12 months from the beginning of the audit. 
B)  Hiring the CEO, chief accountant, or chief financial officer if the client worked for the public accounting firm and participated in auditing of that client in the 12 months after the beginning of the audit. 
C)  Having direct telephonic or E-mail communications with the CEO, chief accountant, or chief financial officer if the client worked for the public accounting firm and participated in auditing of that client in the previous 12 months from the beginning of the audit. 
D)  Publishing their findings in the audit to the SEC for public inspection by other corporations.

Question 17

Under Title IV, what is the change in the reporting days for senior management and directors when they have a change in securities ownership?

Accepted Answer

A)  From 2 to 10 days. 
B)  From 10 to 2 days. 
C)  From 10 to 15 days. 
D)  From 15 to 10 days. 
A)  From 2 to 10 days. 
B)  From 10 to 2 days. 
C)  From 10 to 15 days. 
D)  From 15 to 10 days.

Question 18

Section 302 also charges the CEO and CFO with:

Accepted Answer

A)  Designing an internal control system so that they become aware of all information relevant to the reports. 
B)  Designing a financial statement system that exceeds GAAP. 
C)  Establishing a repository of comparative ratio analysis against their main competition. 
D)  Forming an ad-hoc committee to review the quarterly and annual financial statements prior to submission to the SEC. 
A)  Designing an internal control system so that they become aware of all information relevant to the reports. 
B)  Designing a financial statement system that exceeds GAAP. 
C)  Establishing a repository of comparative ratio analysis against their main competition. 
D)  Forming an ad-hoc committee to review the quarterly and annual financial statements prior to submission to the SEC.

Question 19

Which president said in reference to SOX: "your integrity will be recognized and rewarded, because the shadow of suspicion will be lifted from good companies that respect the rules."?

Accepted Answer

A)  President Clinton. 
B)  President Bush. 
C)  President Carter. 
D)  President Ford. 
A)  President Clinton. 
B)  President Bush. 
C)  President Carter. 
D)  President Ford.

Question 20

What is the major change to restitution under Section 308-Fair funds for investors?

Accepted Answer

A)  Investors are guaranteed full restitution of any losses from the date of their purchase of the corporations securities. 
B)  The U.S. Treasury cow pay restitution to investors. 
C)  The corporation will now pay all civil penalties to its investors. 
D)  The CEO and CFO's personal assets can be liquidated to pay restitution to investors. 
A)  Investors are guaranteed full restitution of any losses from the date of their purchase of the corporations securities. 
B)  The U.S. Treasury cow pay restitution to investors. 
C)  The corporation will now pay all civil penalties to its investors. 
D)  The CEO and CFO's personal assets can be liquidated to pay restitution to investors.

What is one of the restrictions on Public Company Accounting Oversight Board (PCAOB)?

Under Section 302, the CEO and CFO must file separate reports that certify:

The 1987 Report of the National Commission on Fraudulent Financial Reports major overtone was:

Title VIII--Corporate and Criminal Fraud Accountability sets forth penalties for senior managers and directors if they knowingly defraud shareholders of publicly traded companies; what is the prison term?

The SOX grew out of which of the following situations?

If a corporation must restate its financial statements due to miss-conduct, what must the CEO and CFO do?

SOX dramatically increased sentences for violators of the law. Discuss some of these penalties.

The enterprise risk management report defines 16 overlapping components.

The United States Sentencing Commission bases its guidelines for sentencing upon the Guidelines Manual.

Crimes covered under SOX have penalties that are raised from 5 to 20 years in prison. What types of crimes are these called?

ISO 27002 has a specific topic of Asset Management. Which of the following is considered an Asset that needs to be safeguarded within a corporation?

One of the mandated standards within Title I of SOX is that auditors must retain their working papers for a minimum of five years.

In regards to the accounting industry, what are the most important areas that the SEC Chief Accountant deals with?

If you were a research analyst, what did SOX do to change your job?

Explain some of the increased corporate responsibilities indicated in SOX.

What does Section 206 of Title II prevent a public-accounting firm from doing?

Under Title IV, what is the change in the reporting days for senior management and directors when they have a change in securities ownership?

Section 302 also charges the CEO and CFO with:

Which president said in reference to SOX: "your integrity will be recognized and rewarded, because the shadow of suspicion will be lifted from good companies that respect the rules."?

What is the major change to restitution under Section 308-Fair funds for investors?

Introduction to Forensic Accounting and Fraud Examination

The Forensic Accounting Legal Environment

Fundamentals I: Accounting Information Systems

Fundamentals II: The Auditing Environment

Fraud Prevention and Risk Management

Fraud Detection

The Fraud Investigation and Engagement Processes

The Evidence Collection Process

Fraud Examination Evidence I: Physical, Documentary, and Observational Evidence

Fraud Examination Evidence II: Interview and Interrogation Methods

Fraud Examination Evidence III: Forensic Science and Computer Forensics

The Fraud Report, Litigation, and the Recovery Process

Employee, Vendor, and Other Frauds Against the Organization

Financial Statement Fraud

Tax Fraud

Bankruptcy, Divorce, Identity Theft

Organized Crime, Counterterrorism, and Anti-Money Laundering

Business Valuation

Dispute Resolution Services

Filters

Exam 15: Fraud and Sox Compliance

What is one of the restrictions on Public Company Accounting Oversight Board (PCAOB)?

Under Section 302, the CEO and CFO must file separate reports that certify:

The 1987 Report of the National Commission on Fraudulent Financial Reports major overtone was:

Title VIII--Corporate and Criminal Fraud Accountability sets forth penalties for senior managers and directors if they knowingly defraud shareholders of publicly traded companies; what is the prison term?

The SOX grew out of which of the following situations?

If a corporation must restate its financial statements due to miss-conduct, what must the CEO and CFO do?

SOX dramatically increased sentences for violators of the law. Discuss some of these penalties.

The enterprise risk management report defines 16 overlapping components.

The United States Sentencing Commission bases its guidelines for sentencing upon the Guidelines Manual.

Crimes covered under SOX have penalties that are raised from 5 to 20 years in prison. What types of crimes are these called?

ISO 27002 has a specific topic of Asset Management. Which of the following is considered an Asset that needs to be safeguarded within a corporation?

One of the mandated standards within Title I of SOX is that auditors must retain their working papers for a minimum of five years.

In regards to the accounting industry, what are the most important areas that the SEC Chief Accountant deals with?

If you were a research analyst, what did SOX do to change your job?

Explain some of the increased corporate responsibilities indicated in SOX.

What does Section 206 of Title II prevent a public-accounting firm from doing?

Under Title IV, what is the change in the reporting days for senior management and directors when they have a change in securities ownership?

Section 302 also charges the CEO and CFO with:

Which president said in reference to SOX: "your integrity will be recognized and rewarded, because the shadow of suspicion will be lifted from good companies that respect the rules."?

What is the major change to restitution under Section 308-Fair funds for investors?

Introduction to Forensic Accounting and Fraud Examination

The Forensic Accounting Legal Environment

Fundamentals I: Accounting Information Systems

Fundamentals II: The Auditing Environment

Fraud Prevention and Risk Management

Fraud Detection

The Fraud Investigation and Engagement Processes

The Evidence Collection Process

Fraud Examination Evidence I: Physical, Documentary, and Observational Evidence

Fraud Examination Evidence II: Interview and Interrogation Methods

Fraud Examination Evidence III: Forensic Science and Computer Forensics

The Fraud Report, Litigation, and the Recovery Process

Employee, Vendor, and Other Frauds Against the Organization

Financial Statement Fraud

Tax Fraud

Bankruptcy, Divorce, Identity Theft

Organized Crime, Counterterrorism, and Anti-Money Laundering

Business Valuation

Dispute Resolution Services

Filters