The internal control standards applicable to Sarbanes-Oxley apply to
A)all U.S.and international companies.
B)U.S.and international companies listed on U.S.exchanges.
C)International companies listed on U.S.exchanges.
D)U.S.companies listed on U.S.exchanges.

Question

Quizplus · Accepted Answer

The Sarbanes-Oxley Act applies only to U.S. companies and requires them to establish and maintain internal control over financial reporting. Specifically, Section 404 requires management to assess and report on the effectiveness of internal control over financial reporting, while auditors are required to attest to the accuracy of management's assessment. Therefore, the internal control standards are only applicable to U.S. companies listed on U.S. exchanges.

The Internal Control Standards Applicable to Sarbanes-Oxley Apply to