Required: The Week7 Forum consists of two separate questions. You will answer one of the questions. The chosen question needs to be answered with an initial post ofat least 250 words. (1 st question)...

Required:

The Week7 Forum consists of two separate questions. You will answer one of the questions. The chosen question needs to be answered with an initial post ofat least 250 words.

(1^st
question) Discuss the impact of Sarbanes-Oxley on a company’s internal controls. Be sure to define internal controls and discuss the basic principles for assessing internal controls.

(2^nd
question) The Sarbanes-Oxley Act of 2002 (SOX) was enacted in response to a number of accounting scandals in major corporations that resulted in the loss of billions of investor dollars. Choose one accounting scandal that precipitated this legislation and discuss whether or not internal controls (or lack thereof) contributed to the scandal.

Instructions:Your initial response should be no less than 250 words.

Week 7: Internal Controls   This week we will explore Chapter(s) 7 of the Complete Guide to Sarbanes-Oxley: Understanding How Sarbanes-Oxley Affects Your Business textbook.  The chapter provides an overview of the Sarbanes-Oxley Act of 2002. It specifically focuses on how the act has affected the responsibilities of corporate leadership regarding the creation, implementation, management, and reporting on internal controls. Week 7: Lesson Objectives Chapter 7 · The Relationship Between the PCAOB and FASB · The PCAOB and State Licensing · Limits on Non-audit Services · Auditors Work for the Audit Committee · No Coercing the Auditor · Miscellaneous Rules · General Standards of Auditor Independence · Internal Controls · Basic Principles for Assessing Internal Controls · Selecting a Framework for Conducting the §404 Assessment · §404 Compliance From Management's Perspective · The Auditor's Opinions Reading and Resources Our reading for Week 7 includes Chapter(s) 7 of the Complete Guide to Sarbanes-Oxley: Understanding How Sarbanes-Oxley Affects Your Business textbook.  Pay particular attention to the sections titled "Key Terms" throughout the reading.  They provide a great way for us to see how what we are learning can be applied in the workplace.  The "Understanding the Learning Objectives" section found at the end of the chapters are also a great way to be sure you understand what you have covered and can apply it to solve problems.    Complete Guide to Sarbanes-Oxley: Understanding How Sarbanes-Oxley Affects Your Business   The below is an additional resource on Sarbanes Oxley that can also be used.   Sarbanes Oxley   In addition to the required course text, the following public domain websites and video links are useful. Please abide by the university’s academic honesty policy when using Internet sources. Note website and video addresses are subject to change. · American Psychological Association (APA) Style Website · Purdue Online Writing Lab · YouTube Video on Formatting an APA Style Paper · Microsoft Office Training Website · YouTube Videos on Microsoft Excel for Beginners · Turnitin Website · principlesofaccounting.com · NetMBA.com