Response to the following:
The Sarbanes-Oxley (SOX) Act of 2002 was enacted to strengthen corporate governance. The audit committee was one of the essential requirements of the Act.
Complete the following for this assignment:
Explain the responsibilities of the audit committee and its effect in preventing fraudulent financial reporting.
Financial accuracy
Risk management
Control assessment
External auditor oversight
Efficient use of internal audit
Explain how internal auditing contributes to the effectiveness of the purpose and goals of the Sarbanes-Oxley Act.