The Sarbanes-Oxley Act set up the Federal Trade Commission to ensure consumer protection and to eliminate and prevent anticompetitive business practices,with penalties of as much as 25 years in prison for noncompliance.

Question

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The Sarbanes-Oxley Act did not set up the Federal Trade Commission. The act primarily focused on financial reporting and corporate governance for public companies. The FTC is a separate agency established by the Federal Trade Commission Act. Additionally, penalties for noncompliance with the act include fines, imprisonment of up to 20 years, or both, but not up to 25 years as stated in the statement.

The Sarbanes-Oxley Act Set Up the Federal Trade Commission to Ensure