topic 9 section 1

  1. section 302
    quarterly and annual financial statements, management must do four things
  2. management must perform in 302
    • 1. certify finances in F/S
    • 2. certified officers should design internal controls
    • 3. provide assurance of reliability of fin reporting process
    • 4. disclose any material changes in the company's internal controls that have occurred during the most recent fiscal quarter
  3. section 404
    requires management to asses the effectiveness of the company's IC over financial reporting annual and issue annual report that includes 4 things
  4. management must perform in 404
    • -a statement that management is responsible for establishing and maintaining adequate internal control over financial reporting
    • -assessment that organization's external auditor has issued something about company's IC
    • -Written conclusion of effectiveness of IC
    • -statement identifying framework used to conduct assessment of IC
  5. sections 302 and 404 were created by
    • PCAOB
    • public company accounting oversight board
Card Set
topic 9 section 1
topic 1 section 9