The Sarbanes-Oxley Act (SOX)stiffened Penalties for Providing False Information By

question 27

Multiple Choice

The Sarbanes-Oxley Act (SOX) stiffened penalties for providing false information by:

• A)requiring the CEO and CFO to return bonuses or profits from the sale of stock that are later shown to be due to misstated financial reports.
• B)imposing large compliance costs on small companies.
• C)requiring auditing firms to have long-standing relationships with their clients and receive lucrative auditing and consulting fees from them.
• D)putting strict limits on the amount of non-audit fees (consulting or otherwise)that an accounting firm can earn from a firm that it audits.

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Definitions:

Consuming Media

The act of engaging with or using media products such as television, radio, internet, newspapers, and magazines.

Leisure Hours

Free time spent away from any business, work, domestic chores, or education, often used for relaxation, entertainment, or hobbies.

American

Pertaining to the United States of America or its inhabitants.

Spectatorship

The act of observing or watching an event, artwork, or performance as a spectator, often engaging with visual and auditory senses.