20. Discuss the key features of Section 302 of SOX.
In Section 302 of SOX, it required that corporate management including the CEO and CFO had checked and reviewed the organization’s internal control on a quarterly and annual basis. It found it necessary that reports should not have any material untrue statements or material omissions that would be considered misleading. The financial statements and related information should fairly present the financial condition and the results in all material respects; these should give an accurate picture of the current standing of the company. A list of all deficiencies in the internal controls and information on any fraud that involves employees who are involved with internal activities should be created. Any significant changes in internal controls or related factors that could have a negative impact on the internal controls, this, along with the things previously mentioned should have certifications.
21. Discuss the key features of Section 404 of SOX.
In Section 404 of SOX, it states that companies should publish information in their annual reports concerning the scope and adequacy of the internal control structure and procedures for financial reporting. The report should include showing the company’s flow of transactions, including IT aspects, in...