Which Statement Accurately Describes the Requirements Regarding Working Papers Under

question 20

Multiple Choice

Which statement accurately describes the requirements regarding working papers under the Sarbanes-Oxley Act of 2002?

• A) Accountants must maintain working papers for ten years starting with the end of the fiscal period in which the audit was conducted.
• B) Accountants must maintain working papers for seven years starting on the last day of the audit.
• C) Accountants must maintain working papers for five years starting with the end of the fiscal period in which the audit was conducted.
• D) Accountants must maintain working papers for one year starting on the last day of the audit.
• E) The act does not require that accountants maintain working papers.

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Definitions:

Psychology

The scientific study of the mind and behavior, encompassing aspects of conscious and unconscious experience as well as thought and emotion.

Single

The state of not being married or in a romantic relationship.

Freud

Freud, specifically Sigmund Freud, was an Austrian neurologist who founded psychoanalysis, a method for treating psychopathology through dialogue between a patient and a psychoanalyst.

Rational

Based on reason or logic; capable of cogent reasoning.