Explain Section 302 of SOX Act i.e. Corporate Responsibility for Financial Reports.
CS Professional · Governance, Risk Management, Compliances and Ethics · PYQS · December 2023
Explain Section 302 of SOX Act i.e. Corporate Responsibility for Financial Reports.
Answer & Explanation:
SOX Section 302 i.e. Corporate Responsibility for Financial Reports CEO and CFO must review all financial reports. Financial report does not contain any misrepresentations. Information in the financial report is "fairly presented". CEO and CFO are responsible for the internal accounting controls. CEO and CFO must report any deficiencies in internal accounting controls, or any fraud involving the management of the audit committee. CEO and CFO must indicate any material changes in internal accounting controls.
Topics: SOX Act
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