Which of the following statements is not true regarding the Sarbanes-Oxley Act (SOX)?
A) The Act calls for increased oversight responsibilities for boards of directors.
B) The Act has resulted in increased penalties for financial fraud by top management.
C) The Act calls for decreased independence of outside auditors reviewing corporate financial statements.
D) The Act is meant to decrease the likelihood of unethical corporate behavior.

Question

Quizplus · Accepted Answer

The Sarbanes-Oxley Act actually calls for increased independence of outside auditors, not decreased, to ensure more reliable and unbiased financial reporting.

Which of the Following Statements Is Not True Regarding the Sarbanes-Oxley