Describe the relationship between the Sarbanes-Oxley Act and COSO.

ACCT301

Week 2 Homework

1.       In two to three paragraphs, describe the Sarbanes-Oxley Act and why it is important to the accounting profession. (15 points)

2.       Name and briefly describe the five components of COSO’s internal control framework.(10 points)

3.       Describe the relationship between the Sarbanes-Oxley Act and COSO. (10 points)

4.       Tom Jackson is a CPA who really likes to go to Las Vegas, play poker, and bet on football games. Tom knows that the accounting profession disapproves of gambling, but because he spends a lot of time studying sports facts and how to win at poker, he feels that he is simply making educated decisions based on facts. He says that this is no different from using accounting information to buy stocks. Use the fraud triangle as a basis to comment on Tom’s gambling activities. (15 points)

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