1.) Summarize the Sarbanes-Oxley requirements for reporting on internal controls
2.) Why are these requirements particularly onerous for smaller public companies?
3.) Compare control, significant, and material deficiencies in internal controls? Why and how does Sarbanes-Oxley require disclosure of material weaknesses?
4.) Do you think it likely that smaller firms will more often face internal control deficiencies and material weaknesses than larger firms?