Question :
1. In two to three paragraphs, explain the Sarbanes-Oxley Act and why it is important to the accounting profession.
2. Name and briefly explain the five components of COSO's internal control framework.
3. Explain the relationship between the Sarbanes-Oxley Act and COSO.
4. Tom Jackson is a CPA who really likes to go to Las Vegas, play poker, and bet on football games. Tom knows that the accounting profession disapproves of gambling, but because he spends a lot of time studying sports facts and how to win at poker, he feels that he is simply making educated decisions based on facts. He says that this is no different from using accounting information to purchase stocks. Use the fraud triangle as a basis to comment on Tom's gambling activities.