Question

• Describe the difference between public and private companies
• Explain the history behind the Sarbanes-Oxley Act
• Discuss the main requirements of the Sarbanes-Oxley Act
• Explain the role of Public Company Accounting Oversight Board
• Describe how Section 404 internal control requirements impact information security
• Discuss frameworks used to guide Sarbanes-Oxley internal control requirements
• Describe the federal governments information security challenges
• Explain the main requirements under the Federal Information Security Management Act
• Describe the role of the National Institute of Standards and Technology in creating information security standards
• Discuss approaches to protecting national security systems
• Describe how the U.S. federal government protect privacy in information systems
• Review import and export control laws

Answer 1

Ques. Describe the difference between public and private companies.

Ans. Differences are as follows:

- A public company is a company which is owned and traded publicly whereas private company is a company which is owned and traded privately.

- Public company have minimum of seven members whereas private company have minimum of two members.

- Public company have maximum of unlimited members whereas private company have maximum of two hundred members.

- Public company suffix word "Limited" whereas private company suffix "Private limited" to there respective names.

- Statutory meeting of public companies are compulsory whereas Statutory meeting of private companies are optional.

- Public subscription is allowed in public companies whereas Public subscription is not allowed in private companies.

- Shares of public companies are freely transferable whereas Shares of private companies are not freely transferable.

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