The major provisions of the Sarbanes-Oxley Act of 2002 include all of the following except:
A) The creation of a new agency to oversee the public accounting profession.
B) Restrictions on the types of consulting services that accounting firms can provide to audit clients.
C) Reducing responsibility for audit committees when overseeing the financial reporting process.
D) Requiring the chief executive office and the chief financial officer to certify the accuracy of their company's financial statements.

Question

Quizplus · Accepted Answer

The Sarbanes-Oxley Act of 2002 actually increased responsibility for audit committees when overseeing the financial reporting process, so choice C is false. The other choices are all provisions of the act. A new agency, the Public Company Accounting Oversight Board (PCAOB), was created to oversee the public accounting profession, choice A. Restrictions on consulting services that accounting firms can provide to audit clients were put in place to reduce conflicts of interest, choice B. The act required the CEO and CFO to certify the accuracy of financial statements to increase accountability, choice D.

The Major Provisions of the Sarbanes-Oxley Act of 2002 Include