The Sarbanes-Oxley Act of 2002 contains all of the following provisions EXCEPT:
A) A CFO must be a CPA or CMA.
B) The audit committee of the board of directors of a company must hire, compensate, and terminate the public accounting firm that audits the company's financial reports.
C) Severe penalties are established for altering or destroying documents that may eventually be used in an official proceeding.
D) Both the CEO and CFO must certify in writing that their company's financial statements and accompanying disclosures fairly represent the results of operations.

Question

Quizplus · Accepted Answer

The Sarbanes-Oxley Act of 2002 does NOT contain the provision that a CFO must be a CPA or CMA. However, it does require the CEO and CFO to certify the accuracy of the company's financial statements and creates harsh penalties for document tampering. It also mandates that the audit committee select and oversee the external audit firm.

The Sarbanes-Oxley Act of 2002 Contains All of the Following