The 11 "titles" in the Sarbanes-Oxley Act of 2002 establish standards for accountability and responsibility of financial reporting information for major corporations.Which of the following activities does the act not provide rules that a corporation must abide by?
A)The corporation must have a committee that consists of outside directors to oversee the firm's audits.
B)The corporation must hire an external auditor that will render an unbiased (independent) opinion concerning the firm's financial statement.
C)The corporation must maximize social welfare through funding of environmentally friendly activities.
D)The corporation must provide additional information about the procedures used to construct and report financial statements.
E)The firm's CEO and CFO must certify financial reports submitted to the Securities Exchange Commission.

Question

Quizplus · Accepted Answer

The Sarbanes-Oxley Act of 2002 does not include rules that a corporation must maximize social welfare through funding of environmentally friendly activities. Its focus is on accountability and responsibility of financial reporting information for major corporations.

The 11 "Titles" in the Sarbanes-Oxley Act of 2002 Establish