Question 1

Who administers the SEC?

Accepted Answer

A)  5 appointed officials from the IRS. 
B)  5 presidentially-appointed commissioners who serve staggered 5-year terms. 
C)  The justices of the 11 Federal Circuit Courts. 
D)  The board of directors from both the Dow Jones and NASDAQ markets. 
A)  5 appointed officials from the IRS. 
B)  5 presidentially-appointed commissioners who serve staggered 5-year terms. 
C)  The justices of the 11 Federal Circuit Courts. 
D)  The board of directors from both the Dow Jones and NASDAQ markets.

Question 2

According to COSO's second report, "Internal Control - Integrated Framework", what is the definition of internal control?

Accepted Answer

A)  A specific set of internal standards that when subordinate managers hold their workers up to will make the corporation run more efficiently. 
B)  A SEC based initiative that is inspected and signed by the CEO and CFO. 
C)  Five Elements that are written into corporate language and part of the employee handbook. 
D)  A process, affected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives. 
A)  A specific set of internal standards that when subordinate managers hold their workers up to will make the corporation run more efficiently. 
B)  A SEC based initiative that is inspected and signed by the CEO and CFO. 
C)  Five Elements that are written into corporate language and part of the employee handbook. 
D)  A process, affected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives.

Question 3

Which title of the SOX has an objective of requiring auditors to report certain information to their clients' audit committees?

Accepted Answer

A)  Title II. 
B)  Title VI. 
C)  Title VII. 
D)  Title IX. 
A)  Title II. 
B)  Title VI. 
C)  Title VII. 
D)  Title IX.

Question 4

Of all the SEC offices, which is the most important to the accounting industry and why?

Accepted Answer

Of the SECs 18 Offices, the Office most

Question 5

In regards to SOX and COSO; ISO 27002 and COBIT, what do the do for each other?

Accepted Answer

A)  Conflict each other on many topics. 
B)  Compliment each other on many topics. 
C)  Cover areas that the other is weak upon. 
D)  Make each other obsolete. 
A)  Conflict each other on many topics. 
B)  Compliment each other on many topics. 
C)  Cover areas that the other is weak upon. 
D)  Make each other obsolete.

Question 6

Which of the following is one of the most dangerous implications of SOX?

Accepted Answer

A)  That the CEO and CFO must sign quarterly and annual reports. 
B)  That the SEC has the power to influence the senior management of corporations. 
C)  That rules set forth in SOX lesson the internal control environment of all corporations. 
D)  That the senior management and board of directors can be held liable for subordinates fraudulent actions. 
A)  That the CEO and CFO must sign quarterly and annual reports. 
B)  That the SEC has the power to influence the senior management of corporations. 
C)  That rules set forth in SOX lesson the internal control environment of all corporations. 
D)  That the senior management and board of directors can be held liable for subordinates fraudulent actions.

Question 7

What are some of the benefits of SOX according to President Bush?

Accepted Answer

Integrity, standards

Question 8

Describe the parameters set forth in Section 203 of SOX in regards to the Rotation of Auditing Partners.

Accepted Answer

Section 203 prohibits either t

Question 9

Which of the following is not an element of enterprise risk management?

Accepted Answer

A)  The Internal Environment. 
B)  Risk Assessment. 
C)  Risk Avoidance. 
D)  Risk Response. 
A)  The Internal Environment. 
B)  Risk Assessment. 
C)  Risk Avoidance. 
D)  Risk Response.

Question 10

Title X of SOX states that the CEO must sign the corporate tax return.

Accepted Answer

A) True 
 B)False

Question 11

What does ISO 27002 focuses on?

Accepted Answer

ISO 27002 focuses on informati

Question 12

To whom do the rules within SOX apply to?

Accepted Answer

A)  Corporations. 
B)  Partnerships with more than 10 partners. 
C)  Any Corporation required to file a 10-K with the SEc. 
D)  All of the above. 
A)  Corporations. 
B)  Partnerships with more than 10 partners. 
C)  Any Corporation required to file a 10-K with the SEc. 
D)  All of the above.

Question 13

COSO is a private, independent group that is sponsored by some of the very top private-sector accounting organizations, including the American Institute of Public Accountants, The American Accounting Association, and the Financial Executive International.

Accepted Answer

A) True 
 B)False

Question 14

SOX released auditors from the requirement of to reporting to the audit committee all material written communications between the audit firm and the client.

Accepted Answer

A) True 
 B)False

Question 15

Describe the composition of the Security and Exchange Commission.

Accepted Answer

The Securities and Exchange Commission (

Question 16

Which of the following does Section 201 of Title II allow an auditing firm to perform for their client?

Accepted Answer

A)  Bookkeeping or other services related to the accounting records or financial statements of the audit client. 
B)  Broker or dealer, investment adviser, or investment banking services. 
C)  Services (such as those relating to tax returns) not listed above to be provided contemporaneously with audits. 
D)  Actuarial services. 
A)  Bookkeeping or other services related to the accounting records or financial statements of the audit client. 
B)  Broker or dealer, investment adviser, or investment banking services. 
C)  Services (such as those relating to tax returns) not listed above to be provided contemporaneously with audits. 
D)  Actuarial services.

Question 17

Under SOX Title XI, what is the SEC empowered to do?

Accepted Answer

A)  Use the assets of the corporation it is investigating to pay for the on-going investigation. 
B)  Lobby congress for specific laws to enable them to make gray areas they are investigating illegal for quicker conviction rates. 
C)  Petition federal courts for temporary injunctions to freeze pending "extraordinary payments" to certain individuals under investigation for possible violations of Federal securities law. 
D)  All of the above. 
A)  Use the assets of the corporation it is investigating to pay for the on-going investigation. 
B)  Lobby congress for specific laws to enable them to make gray areas they are investigating illegal for quicker conviction rates. 
C)  Petition federal courts for temporary injunctions to freeze pending "extraordinary payments" to certain individuals under investigation for possible violations of Federal securities law. 
D)  All of the above.

Question 18

Crimes committed by executives of corporations are often referred to as Blue Collar Crimes.

Accepted Answer

A) True 
 B)False

Question 19

The United States Sentencing Commission relieved judges of all guidelines for sentencing corporations because of the Savings and Loan failures of the 1980's.

Accepted Answer

A) True 
 B)False

Question 20

What does ISO 27002 focus on?

Accepted Answer

A)  Financial security. 
B)  Fraud prevention. 
C)  Internal control development. 
D)  Information security. 
A)  Financial security. 
B)  Fraud prevention. 
C)  Internal control development. 
D)  Information security.

Who administers the SEC?

According to COSO's second report, "Internal Control - Integrated Framework", what is the definition of internal control?

Which title of the SOX has an objective of requiring auditors to report certain information to their clients' audit committees?

Of all the SEC offices, which is the most important to the accounting industry and why?

In regards to SOX and COSO; ISO 27002 and COBIT, what do the do for each other?

Which of the following is one of the most dangerous implications of SOX?

What are some of the benefits of SOX according to President Bush?

Describe the parameters set forth in Section 203 of SOX in regards to the Rotation of Auditing Partners.

Which of the following is not an element of enterprise risk management?

Title X of SOX states that the CEO must sign the corporate tax return.

What does ISO 27002 focuses on?

To whom do the rules within SOX apply to?

COSO is a private, independent group that is sponsored by some of the very top private-sector accounting organizations, including the American Institute of Public Accountants, The American Accounting Association, and the Financial Executive International.

SOX released auditors from the requirement of to reporting to the audit committee all material written communications between the audit firm and the client.

Describe the composition of the Security and Exchange Commission.

Which of the following does Section 201 of Title II allow an auditing firm to perform for their client?

Under SOX Title XI, what is the SEC empowered to do?

Crimes committed by executives of corporations are often referred to as Blue Collar Crimes.

The United States Sentencing Commission relieved judges of all guidelines for sentencing corporations because of the Savings and Loan failures of the 1980's.

What does ISO 27002 focus on?

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

Who administers the SEC?

According to COSO's second report, "Internal Control - Integrated Framework", what is the definition of internal control?

Which title of the SOX has an objective of requiring auditors to report certain information to their clients' audit committees?

Of all the SEC offices, which is the most important to the accounting industry and why?

In regards to SOX and COSO; ISO 27002 and COBIT, what do the do for each other?

Which of the following is one of the most dangerous implications of SOX?

What are some of the benefits of SOX according to President Bush?

Describe the parameters set forth in Section 203 of SOX in regards to the Rotation of Auditing Partners.

Which of the following is not an element of enterprise risk management?

Title X of SOX states that the CEO must sign the corporate tax return.

What does ISO 27002 focuses on?

To whom do the rules within SOX apply to?

COSO is a private, independent group that is sponsored by some of the very top private-sector accounting organizations, including the American Institute of Public Accountants, The American Accounting Association, and the Financial Executive International.

SOX released auditors from the requirement of to reporting to the audit committee all material written communications between the audit firm and the client.

Describe the composition of the Security and Exchange Commission.

Which of the following does Section 201 of Title II allow an auditing firm to perform for their client?

Under SOX Title XI, what is the SEC empowered to do?

Crimes committed by executives of corporations are often referred to as Blue Collar Crimes.

The United States Sentencing Commission relieved judges of all guidelines for sentencing corporations because of the Savings and Loan failures of the 1980's.

What does ISO 27002 focus on?

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