Congress passed this federal law for the purpose of preventing financial statement fraud,to make financial reports more transparent and to strengthen the internal control of public companies.
A)Foreign Corrupt Practices Act of 1977
B)The Securities Exchange Act of 1934
C)The Sarbanes-Oxley Act of 2002
D)The Securities Exchange Act of 1933

Question

Quizplus · Accepted Answer

The Sarbanes-Oxley Act of 2002 (SOX) was passed by Congress to prevent financial statement fraud, improve transparency in financial reporting, and enhance internal controls of public companies. It established new or expanded requirements for transparency in financial reporting, management's responsibility for financial statements, board of director's oversight of auditors, and the independence of auditors. The other choices, such as the Securities Exchange Act of 1933 and 1934 and the Foreign Corrupt Practices Act of 1977, address different issues related to securities trading and bribery, respectively.

Congress Passed This Federal Law for the Purpose of Preventing