The rules enacted with Sarbanes-Oxley (SOX) include which of the following?
A) SOX places the responsibility for financial reporting failures on the U.S. government.
B) SOX places the responsibility for financial reporting failures on the internal audit team.
C) SOX places the responsibility for control failures with managers of the company.
D) SOX places the responsibility for control failures with accountants of the company.

Question

Quizplus · Accepted Answer

SOX, or the Sarbanes-Oxley Act, was enacted to protect investors from fraudulent financial reporting by corporations. It places the responsibility for financial reporting and control failures on the company's management, not on the government, internal audit teams, or solely on accountants.

The Rules Enacted with Sarbanes-Oxley (SOX) Include Which of the Following