SHORT ANSWERS 15 points 1 What two things do Transportatio

?? ?? SHORT ANSWERS (15 points) 1. What two things do Transportation Terms tell us? 2. What are five elements of internal control and provide example for each of them. 3. What is the overall purpose to the Sarbanes-Oxley Act of 20027

Solution

Answer: 1

The two things transportation term tell us:

2- The five elements of internal control are :

Example : maintaining honest and work friendly environment at office/ work place    

Example : good security system, outsourcing etc.   

Example: keeping wide objectives, efficient management staff   

Example: effective communication system      

Example: making reports    

3- The overall purpose to the Sarbanes- oxley act 2002 is to protect investors from the fraud of accounting activities and to fix the auditing of public companies and corporations . This act was made to protect investors from the frauds and corruptions done by corporations. This act is also known as corporate responsibility act.