Which of the following is not a provision of the Sarbanes-Oxley Act as to the responsibility of a company's top managers? Question 3 options: They must establish formal procedures to receive, retain, and address any information that may affect the company's accounting. They must certify that they are primarily responsible for the company's internal controls over financial reporting. They must certify that the company's financial statements are fairly presented. They may deny responsibility for certain financial reporting matters if they are not knowledgeable about the proper accounting procedures for those transactions.
Which of the following is not a provision of the Sarbanes-Oxley Act as to the responsibility of a company's top managers? Question 3 options: They must establish formal procedures to receive, retain, and address any information that may affect the company's accounting. They must certify that they are primarily responsible for the company's internal controls over financial reporting. They must certify that the company's financial statements are fairly presented. They may deny responsibility for certain financial reporting matters if they are not knowledgeable about the proper accounting procedures for those transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Which of the following is not a provision of the Sarbanes-Oxley Act as to the responsibility of a company's top managers?
Question 3 options:
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They must establish formal procedures to receive, retain, and address any information that may affect the company's accounting.
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They must certify that they are primarily responsible for the company's internal controls over financial reporting.
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They must certify that the company's financial statements are fairly presented.
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They may deny responsibility for certain financial reporting matters if they are not knowledgeable about the proper accounting procedures for those transactions.
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Expert Solution
Step 1
Solution:
The Sarbanes–Oxley Act of 2002 is a United States law that mandates certain practices in financial record keeping and reporting for corporations. This legislation is created to help protect shareholders, employees and the public from accounting errors and fraudulent financial practices.
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