True and False 1) The Sarbanes-Oxley Act of 2002 was passed by Congress due to the public outcry after the financial scandals of the early 2000s

Subject:BusinessPrice:1.87 Bought7

Share With

True and False

1) The Sarbanes-Oxley Act of 2002 was passed by Congress due to the public outcry after the financial scandals of the early 2000s.

2) Sarbanes-Oxley’s purpose is to improve financial reporting.

3) There are two internal control objectives and they are to ensure accurate financial reports, and ensure compliance with applicable laws.

4) Sarbanes-Oxley requires companies to maintain strong and effective internal controls and thus prevent fraud and misleading financial statements.

5) The Sarbanes-Oxley Act requires that financial statements of all public companies report on management's conclusions about the effectiveness of the company's internal control procedures.