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In financial auditing of public companies in the United States, SOX 404 top–down risk assessment (TDRA) is a financial risk assessment performed to comply with Section 404 of the Sarbanes-Oxley Act of 2002 (SOX 404). Under SOX 404, management must test its internal controls; a TDRA is used to determine the scope of such testing. It is also ...
As a result, Sarbanes–Oxley Act was enacted. This law extends the long-standing requirement for public companies to maintain internal control systems, which requires management to certify and the independent auditor to certify the effectiveness of those systems.
The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations.The act, Pub. L. 107–204 (text), 116 Stat. 745, enacted July 30, 2002, also known as the "Public Company Accounting Reform and Investor Protection Act" (in the Senate) and "Corporate and Auditing Accountability, Responsibility, and ...
As a result of several accounting and auditing scandals, congress passed the Sarbanes-Oxley Act of 2002. Section 404 of the act requires company management to assess and report on the effectiveness of the company's internal control. It also requires the company's independent auditor to attest to management's disclosures regarding the ...
Section 404 internal control documentation; Entity-level and activity-level testing controls, techniques, effectiveness, and documentation; SOX Section 404 project lifecycle management; Also, the certified professionals must have 1,200 hours of related experience (over the past three years).
If an insurer is a publicly traded and subject to SOX 404, then they are already preparing an internal controls report. Therefore, the Model Audit Rule specifically states that this type of insurer “may file its or its parent’s section 404 report and an addendum in satisfaction of this §16 requirement”. [6]: 15
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