The Sarbanes-Oxley (SOX) Act of 2002 was enacted to strengthen corporate governance. The audit committee was one of the essential requirements of the Act. Complete the following for this assignment:
- Explain the responsibilities of the audit committee and its effect in preventing fraudulent financial reporting.
- Financial accuracy
- Risk management
- Control assessment
- External auditor oversight
- Efficient use of internal audit
- Explain how internal auditing contributes to the effectiveness of the purpose and goals of the Sarbanes-Oxley Act.