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:

Confidence Level

The degree of certainty or probability with which one can expect a result to fall within a specified range.

Confidence Interval

A statistical interval estimate, used to indicate the reliability of an estimate.

Population Proportions

Measures that represent the fraction of the population that possesses a particular attribute or characteristic.

Confidence Coefficient

Represents the degree of certainty or confidence that a specified confidence interval contains the true value of an unknown population parameter.