Under the Sarbanes-Oxley Act, It Is Now a Felony to Willfully

question 63

Multiple Choice

Under the Sarbanes-Oxley Act, it is now a felony to willfully fail to maintain proper records of audits and work papers for at least ________ years.

• A) 2
• B) 3
• C) 4
• D) 5
• E) 6

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Definitions:

Competency-Based Pay

Pay based on an employee’s skill level, variety of skills possessed, or increased job knowledge

Hay Profile Method

A job evaluation technique using three factors—knowledge, mental activity, and accountability—to evaluate executive and managerial positions.

Market Pricing

The practice of setting salaries based on the prevailing wage rates for similar positions in the external labor market.

Knowledge and Accountability

The principle that having access to information or understanding responsibilities leads to being held responsible for actions and decisions.