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topic 9 section 1
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section 302
quarterly and annual financial statements, management must do four things
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
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
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
sections 302 and 404 were created by
PCAOB
public company accounting oversight board
Author
abifulco
ID
54309
Card Set
topic 9 section 1
Description
topic 1 section 9
Updated
2010-12-08T15:02:20Z
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