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

Question

Quizplus · Accepted Answer

The Sarbanes-Oxley Act was enacted in response to the financial scandals of the early 2000s, particularly Enron and WorldCom. It imposes stricter regulations and oversight on publicly traded corporations, particularly in regards to financial reporting and internal controls. This means that corporations now have a higher responsibility for accurate and transparent financial reporting under the law.

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