1) Sabranes-Oxley regulations have given the Securites and Exchange Commission new powers. List these guidelines and explain in what Section of the Sarbanes-Oxley legislation are they listed?

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Bunny GreenfelderLv2

28 Sep 2019

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1- Blue Ridge Crafters is a co-operative that distributestraditional household furnishings, such as home-spun textiles,hand-thrown pottery, and hand-carved wood items. These itemsinvariably are more expensive than mass-produced goods with similarfunctions, but customers prefer the artistry in Blue Ridge's goods.Because of subtle variations in color and grain, customerstypically insist on handling these goods before committing to asale. Each artisan decides which products to make. Blue Ridgerelies on sales parties for about 20% and craft fairs for about 60%of its sales, with the remainder sold through a combinationoutlet-exhibit along a popular vacation route and independentboutiques and art galleries. Blue Ridge is considering admittingmetalworkers to the cooperative, who will add hand-forged fireplacetools, latches, light fixtures, and iron gates to its product line.Of the following, what best describes this strategy?

A) Concentric diversification strategy

B) Conglomerate diversification strategy

C) Horizontal growth strategy

D) Profit strategy

2- Which technique would be most precise in determining thevariable cost component of manufacturing overhead costs?

A) Delphi method

B) High-low method

C) Regression analysis

D) Scatter-graph analysis

3- The Sarbanes-Oxley Act generally does not apply to

A) Large U.S. S corporations that have registered debt with theSEC

B) Large U.S. partnerships that have registered equitysecurities with the SEC

C) U.S. limited liability companies that are exempt from SECregistration

D) Non U.S. corporations that have registered debt with theSEC

4- Under Section 404 of the Sarbanes-Oxley Act, who is requiredto attest to, and report on, managementâs assessment of internalcontrol over financial reporting?

A) The board of directors

B) The audit committee

C) The chief executive officer and chief financial officer

D) The external auditor

mauvemosquito685

Oxalite Inc: A Cautionary Tail (Which is a fictional company)

For discussion purposes, treat Oxalite, Inc. as a public company. Based on this assumption, reflect on the following:

a. What were some internal control deficiencies and even material weaknesses? How would they have been discovered? What would be the implications for Sarbanes-Oxley Section 404 compliance?

b. Analyze this case using the COSO Fraud Risk Management Guide Principles 1,2 and 5 relating to the COSO internal control components of control environment, risk assessment, and monitoring.

2. How could the external auditors have helped avoid this adverse corporate governance outcome?

3. How could the internal audit function have helped evaluate the design and operating effectiveness of internal controls?

4.mr. n.g shankar, cae of the aditya birla group, a large conglomerate in india and a former member of the internal audit standards board of the IIA, has remarked,"Poor culture leads to organizational disaster." In what way was his observation justified in the case of Oxalite, Inc?

Assignment 1: Financial Statement Restatement and Ethics DueWeek 3 and worth 200 points Search the Internet or Strayerdatabases for a company that recently restated its earnings. Basedon the company researched and identified: Write a two to three(2-3) page paper in which you: 1.Assess the factors thatcontributed to the financial statement restatement, signifying theexecutive management teamâs attitude toward the restatement.Suggest how the restatement may have been avoided during theinitial reporting process. 2.Explain the impact to the companyâsstock price when the restatement was released and to futureearnings forecast, indicating whether or not you believe the impactto the stock price was justified. 3.Evaluate the restatement interms of managementâs ethical violations according to therequirements of the Sarbanes-Oxley Act, providing recommendationsto management on how to avoid these problems in the future. Providesupport for your recommendation

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