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Which of the following statements is true regarding the Sarbanes-Oxley Act (SOX)? The act calls for decreased oversight responsibilities for board of directors. The act has resulted in decreased penalties for financial fraud by top management. The act is meant to decrease the likelihood of unethical corporate behavior. The act calls for decreased independence of outside auditors reviewing corporate financial statements.

Which of the following statements is true regarding the Sarbanes-Oxley Act (SOX)? The act calls for decreased oversight responsibilities for board of directors. The act has resulted in decreased penalties for financial fraud by top management. The act is meant to decrease the likelihood of unethical corporate behavior. The act calls for decreased independence of outside auditors reviewing corporate financial statements.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following statements is true regarding the Sarbanes-Oxley Act (SOX)? The act calls for decreased oversight responsibilities for board of directors. The act has resulted in decreased penalties for financial fraud by top management. The act is meant to decrease the likelihood of unethical corporate behavior. The act calls for decreased independence of outside auditors reviewing corporate financial statements.
Transcribed Image Text:Which of the following statements is true regarding the Sarbanes-Oxley Act (SOX)? The act calls for decreased oversight responsibilities for board of directors. The act has resulted in decreased penalties for financial fraud by top management. The act is meant to decrease the likelihood of unethical corporate behavior. The act calls for decreased independence of outside auditors reviewing corporate financial statements.
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