Describe and discuss the impact of the Sarbanes-Oxley act on management and auditors’ responsibilities to study and report on internal controls.

• Describe and discuss the impact of the Sarbanes-Oxley act on management and auditors’ responsibilities to study and report on internal controls.
• How do SAS 55 and SAS 78 differ from earlier auditing standards concerning internal controls?
• How do auditors assess the control environment?
• Internal Control—Integrated Framework (COSO): What are the major components and issues?
• Review and summarize the major provisions in PCAOB Auditing Standard No. 5
• How can internal controls be strengthened in a small business where ideal separation of duties is not possible?
• Was it right for the regulators to exempt non-accelerated companies from the SOX 404 internal control audit?