The Sarbanes-Oxley Act has significantly impacted the responsibility for financial reporting by publicly traded corporations.

Question

Quizplus · Accepted Answer

The Sarbanes-Oxley Act, passed in 2002, established new and enhanced requirements for public company boards, management, and public accounting firms. It increased the responsibility for accuracy and transparency in financial reporting, and imposed criminal penalties for non-compliance. Therefore, it has significantly impacted the responsibility for financial reporting by publicly traded corporations.

The Sarbanes-Oxley Act Has Significantly Impacted the Responsibility for Financial