Under section 404 of the Sarbanes-Oxley Act, auditors are required to: Attest to and report on management's assessment of internal controls

Accounting Jan 13, 2021

Under section 404 of the Sarbanes-Oxley Act, auditors are required to:

Attest to and report on management's assessment of internal controls.
Establish and maintain internal controls for audited companies.
Advise management on its preparation of the Report on Internal Controls.
Evaluate the company's internal control system periodically throughout the year.
All of these.

please give me your opinion on why or why not.

Expert Solution

The answer is option- 1

The auditors are required to Attest to and report on managements of assessment of internal control.

Explanation :

The main aim of sarbanes - Oxley - Act, is

(1) Minimize the corporate frauds

(2) improves the financial performance and reporting.

(3) For maintaing of internal controls more effectively and efficiently.

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