Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Sarbanes-Oxley Act

Financial Accounting

6. Internal Controls and Reporting Cash

Sarbanes-Oxley Act

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Multiple Choice

The Sarbanes-Oxley Act of 2002 is a governmental response to:

The introduction of the euro currency

The financial crisis of 2008

The implementation of international accounting standards

Major corporate accounting scandals such as Enron and WorldCom

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Verified step by step guidance

Understand the context of the Sarbanes-Oxley Act of 2002: It was enacted in response to major corporate accounting scandals, such as Enron and WorldCom, which revealed significant issues in financial reporting and corporate governance.

Recognize the purpose of the Act: The Sarbanes-Oxley Act was designed to improve the accuracy and reliability of corporate disclosures and protect investors from fraudulent accounting practices.

Learn about key provisions of the Act: It introduced stricter regulations for financial reporting, internal controls, and auditor independence. For example, Section 404 requires companies to establish and report on internal controls over financial reporting.

Understand the role of the Public Company Accounting Oversight Board (PCAOB): The Act established the PCAOB to oversee the audits of public companies and ensure compliance with auditing standards.

Connect the Act to its broader impact: The Sarbanes-Oxley Act has had a lasting effect on corporate governance, financial transparency, and the responsibilities of executives and auditors in maintaining ethical practices.