Which act requires publicly traded companies to assess the effectiveness of their internal controls and have an independent CPA firm audit this assessment?
A)Sarbanes-Oxley Act of 2002
B)The GAAP Act of 1932
C)Wheat Commission
D)Security Exchange Commission Act of 1934

Question

Quizplus · Accepted Answer

The requirement for publicly traded companies to assess the effectiveness of their internal controls and have an independent CPA firm audit this assessment is mandated by the Sarbanes-Oxley Act of 2002. The GAAP Act of 1932 established generally accepted accounting principles, the Wheat Commission is not relevant, and the Securities Exchange Commission Act of 1934 established the SEC to regulate the securities industry.

Which Act Requires Publicly Traded Companies to Assess the Effectiveness