Congress passed the _____ of 2002 to combat widespread accounting malpractice.
A) SarbanesOxley Act
B) Securities Exchange Act
C) GAAP Act
D) FASB Act

Question

Congress passed the _____ of 2002 to combat widespread accounting malpractice.​
A) Sarbanes­Oxley Act
B) Securities Exchange Act
C) GAAP Act
D) FASB Act

Quizplus · Accepted Answer

The Sarbanes-Oxley Act of 2002 was passed to combat widespread accounting malpractice after scandals such as Enron and WorldCom came to light. The act established new or expanded requirements for public companies and accounting firms, including requirements for internal controls, increased disclosures, and new criminal penalties for fraud.

Congress Passed the _____ of 2002 to Combat Widespread Accounting