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Governance, Risk, Audit & Privacy · Intermediate

SOX Section 302

SOX provision requiring CEOs and CFOs to certify the accuracy of financial reports and effectiveness of disclosure controls.

Definition

Officers certify that reports contain no material misstatements, that they are responsible for establishing internal controls, and that they have disclosed significant deficiencies and fraud to auditors and the audit committee. Certifications accompany quarterly and annual filings.

Example

The CFO signs a Section 302 certification with each 10-Q filing.

Exam tip

302 = personal executive certification; 404 = internal control assessment and attestation.

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