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QUESTION 8 Section 302 of the Sarbanes-Oxley Act and Securities Exchange Act rules...

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Accounting

QUESTION 8

  1. Section 302 of the Sarbanes-Oxley Act and Securities Exchange Act rules require a companys management to make quarterly certifications with respect to the companys internal control over financial reporting. Which of the following are true with regard to these certifications? I. The auditor should perform procedures to provide a high level of assurance that the controls are operating effectively. II. If the auditor communicates to the appropriate level of management that the auditor believes that modification to the disclosures about changes in internal control over financial reporting are necessary for the certifications to be accurate, but management does not respond appropriately, the auditor should inform the audit committee.

    I only

    II only

    Both I and II

    Neither I nor II

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