accounting 494930

ACCT301 Week 2 Homework In two to three paragraphs, describe the Sarbanes-Oxley Act and why it is important to the accounting profession. (15 points) Name and briefly describe the five components of COSO’s internal control framework. (10 points) Describe the relationship between the Sarbanes-Oxley Act and COSO. (10 points) 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 buy stocks. Use the fraud triangle as a basis to comment on Tom’s gambling activities. (15 points) DISCUSSION ?’S Describe what you think is the most important control activity that a company can implement. Why do you think that the one you chose is the most important? Lets start by defining Internal Controls.  What are they and what is their purpose? Describe one of the three elements that are present when fraud occurs. Of the three elements, which do you think is present first in an ethical situation? Lets start this week by discussing each of the three elements of the Fraud Triangle.  Pick one of them, give a definition and describe how it interrelates with internal controls.?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????