Asked by Timothy DeKorver on Apr 30, 2024
Verified
The _____ was created by the Sarbanes-Oxley Act of 2002.
A) Securities & Exchange Commission
B) Public Accounting Oversight Board
C) GAAP
D) FASB
Sarbanes-Oxley Act
Federal legislation designed to deter and punish corporate and accounting fraud and corruption and to protect the interests of workers and shareholders through enhanced financial disclosures, criminal penalties on CEOs and CFOs who defraud investors, safeguards for whistleblowers, and establishment of a new regulatory body for public accounting firms.
Public Accounting Oversight Board
A regulatory body responsible for overseeing the audits of public companies to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports.
Securities & Exchange Commission
A U.S. government agency responsible for enforcing federal securities laws, regulating the securities industry, and ensuring stock market integrity.
- Recognize the impact of regulatory bodies such as the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board on accounting practices.
Verified Answer
Learning Objectives
- Recognize the impact of regulatory bodies such as the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board on accounting practices.
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