Which of the following is not an objective of internal controls over financial reporting as defined by the Sarbanes-Oxley Act?
A)Policies and procedures that pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the registrant.
B)Policies and procedures that provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and receipts and expenditures of the registrant are being made only in accordance with authorizations of management and directors of the registrant.
C)Policies and procedures that provide reasonable assurance regarding the compliance with applicable laws and regulations.
D)Policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the registrant's assets that could have a material effect on the financial statements.

Question

Quizplus · Accepted Answer

Explanation: The Sarbanes-Oxley Act focuses on the accuracy and reliability of financial reporting and the prevention of fraudulent activities within corporations. While it does emphasize compliance with laws and regulations as part of its broader objectives, the specific objective of ensuring compliance with all applicable laws and regulations is not directly stated as an objective of internal controls over financial reporting. The primary focus is on the accuracy of financial records, authorization of transactions, and safeguarding of assets.

Which of the Following Is Not an Objective of Internal