Which of the following are key requirements of the Sarbanes-Oxley Act?
I. Officers of the corporation must review and sign annual reports.
II. Officers of the corporation must now own more than 5% of the firm's stock.
III. Annual reports must list deficiencies in internal controls.
IV. Annual reports must be filed with the SEC within 30 days of year end.
A) I only.
B) II only.
C) I and III only.
D) II and III only.
E) II and IV only.

Question

Quizplus · Accepted Answer

Key requirements of the Sarbanes-Oxley Act are related to improving corporate accountability and transparency.

I. Officers of the corporation must review and sign annual reports, ensuring they take responsibility for the accuracy and completeness of the information provided to shareholders.

II. Officers of the corporation must now own more than 5% of the firm's stock, which is not a requirement of the Sarbanes-Oxley Act.

III. Annual reports must list deficiencies in internal controls, which enhances transparency and assists investors in making more informed decisions.

IV. Annual reports must be filed with the SEC within 30 days of year-end, which ensures timely reporting and enhances transparency for investors.

Therefore, the best choice is C, as options I and III are key requirements of the Sarbanes-Oxley Act.

Which of the Following Are Key Requirements of the Sarbanes-Oxley