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8/23/2019
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Course 171015- The Sarbanes-Oxley Act & Corporate Governance
  Final Exam
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171015v - The Sarbanes-Oxley Act & Corporate Governance

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Auditing
12 CPE Credit Hours

8/23/2019
Final Exam
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Read 'Chapter 0: Course Material' & answer the following question(s):
1. Prior to the SOX ACT of 2002, the CFO was keen on
2. The accounting technique made infamous by Enron (and the main reason for its downfall) was its use of ____________________ to move debt off the balance sheet.
3. The “big five” accounting firm that destroyed documents to cover up their irregular accounting practices was
4. Which of the following is NOT an inappropriate earnings management technique?
5. ____________________ is NOT one of the leading causes for financial restatements.
6. _________________________ is NOT one of the premises behind expensing options. .
7. FASB No. 123R requires that the cost resulting from all share-based payment transactions be recognized in the financial statements using the ___________________ as the measurement of cost.
8. FASB No. 123R (ASC 718-10-05) provides that fair value be measured based on a (an)
9. FASB No. 123R eliminates FASB No. 123’s use of the _________________ for valuing equity awards that was permitted under FASB No. 123.
10. FASB No. 123R
11. In anticipation of the FASB’s statement (FASB 123R), many companies had already started using other forms of compensation, such as
12. Which of the following statements is FALSE with restricted stock?
13. The grant date is the date at which
14. Which of the following is FALSE regarding restrictive stock?
15. The new rules by NYSE for corporate governance would
16. The rule change that will prohibit research analysts from being supervised by the investment banking is:
17. The Securities Exchange Commission (SEC) rule requires company insiders to report the details of their stock trades more quickly for all the following EXCEPT:
18. Which of the following statements is false? Detailed quarterly and annual statements have to be filed more quickly with SEC because it
19. Which of the following is NOT a proposal made by the Association for Investment Management and Research (AIMR)?
20. Strong governance in compliance with the SOX Act will
21. Which of the following is NOT one of the provisions of the Sarbanes-Oxley Act of 2002?
22. Under the Sarbanes-Oxley Act any public appearances by analysts on television or radio interviews must be
23. ______________________ is NOT an objective of the Sarbanes-Oxley Act.
24. The provisions of the Sarbanes-Oxley Act apply to which of the following?
25. The Sarbanes-Oxley Act of 2002 requires
26. Technologies that can assist with corporate governance and compliance include
27. The most obvious solution to the corporate governance and compliance problem can be facilitated by
28. The main problem for companies to implement SOX is the documentation and
29. Sarbanes-Oxley requires auditors of a public company to attest to management’s report on the effectiveness of internal control over financial reporting. Which of the following reports options is available to the auditor?
30. The Auditing Standard No. 5 highlights the concept of a _____________ deficiency in internal control over financial reporting
31. Which of the following statements is TRUE of a public company’s financial statements?
32. Which of the following is NOT true regarding good governance?
33. Basic indicators used to measure corporate social responsibility according to Business in the Community do NOT include
34. Corporate social responsibility that is positive includes
35. Financial managers/management accountants are obligated to maintain the highest standards of ethical conduct. Accordingly, the IMA Code of Ethics explicitly requires that they
36. In accordance with Statements on Management Accounting Number 1C, Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management, a management accountant who fails to perform professional duties in accordance with relevant standards is acting contrary to which one of the following standards?
37. The IMA Code of Ethics includes a competence standard, which requires the financial manager/ management accountant to
38. The IMA Code of Ethics requires a financial manager/management accountant to follow the established policies of the organization when faced with an ethical conflict. If these policies do not resolve the conflict, the financial manager/management accountant should
39. Sarbanes-Oxley requires auditors of public companies to maintain audit working papers for what period of time?
40. Quality control standard shall NOT include
41. Foreign public accounting firms that furnish audit reports are
42. Which of the following statements is correct?
43. The CEO, controller, CFO, chief accounting officer or person in an equivalent position cannot have been employed by the company’s audit firm during
44. Public company audit committees are NOT responsible for
45. __________________ addresses “Corporate Responsibility for Financial Reports.”
46. Inside traders during pension fund blackouts prohibit all the following EXCEPT
47. Disclosures of transactions are limited to and required by
48. The SOX Act requires each annual report of an issuer to contain a(n)
49. Tampering with a record or otherwise impeding an official proceeding by altering, destroying, mutilating, or concealing records is subject to
50. Brokers and dealers are NOT barred from association with an entity that engages in
51. The Comptroller General of the United States is NOT empowered to conduct studies to
52. Criminal penalties have been added by amendment for all the following EXCEPT
53. Offenses relating to the obstruction of justice do NOT apply to
54. An employee discharged for whistle blowing is entitled to compensation damages. This does NOT include
55. Criminal penalties for mail and wire fraud have been increased by amendment from five (5) years to
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