The intent of the Sarbanes-Oxley Act of 2002 is to:
A) protect investors by improving the accuracy and reliability of corporate disclosures
B) establish who is responsible for financial reporting
C) strengthen internal control
D) All of the above

Question

Quizplus · Accepted Answer

The Sarbanes-Oxley Act of 2002 is intended to achieve all three objectives listed in the answer choices: protect investors by improving the accuracy and reliability of corporate disclosures, establish who is responsible for financial reporting, and strengthen internal control. The Act requires publicly traded companies to establish and maintain internal controls to ensure accurate financial reporting, and to disclose any material weaknesses in those controls. Additionally, the Act established the Public Company Accounting Oversight Board (PCAOB) to oversee the audits of publicly traded companies and to ensure they comply with auditing and accounting standards. Overall, the Sarbanes-Oxley Act of 2002 aims to restore investor confidence in the accuracy and integrity of financial reporting.

The Intent of the Sarbanes-Oxley Act of 2002 Is To