Write a 200- to 350-word response to the capstone discussion question.
- In the wake of accounting scandals over the past several years, how has the Sarbanes-Oxley Act (SOX) of 2002 affected the practice of accounting? What is the role of internal controls in complying with SOX (2002)?
Access the Internet to acquire a copy of the most recent annual report for the publicly traded company used to complete the Financial Reporting Problem, Part 1 assignment due in Week Six.
Analyze the information contained in the company's balance sheet and income statement to answer the following questions:
- Are the assets included under the company's current assets listed in the proper order? Explain your answer.
- How are the company's assets classified?
- What are cash equivalents?
- What are the company's total current liabilities at the end of its most recent annual reporting period?
- What are the company's total current liabilities at the end of the previous annual reporting period?
- Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees?
Summarize the analysis in a 700- to 1,050-word paper in a Microsoft® Word document.