All of the Following Are Important Provisions of the Sarbanes-Oxley

question 89

Multiple Choice

All of the following are important provisions of the Sarbanes-Oxley Act except:

• A) The establishment of a new Public Company Accounting Oversight Board.
• B) The requirement to prepare both FASB and IASB financial statements.
• C) A requirement that the external auditors report directly to the company's audit committee.
• D) A clause to prohibit public accounting firms that audit a company from providing any other services that could impair their ability to act independently in the course of their audit.

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Definitions:

British Pound Sterling

The official currency of the United Kingdom, which is one of the world's major currencies traded on foreign exchange markets.

Financial Statements

Reports that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement, among others.

Foreign Currency Transactions

Financial operations involving the exchange of one country's currency for another, affecting businesses that trade or invest across borders.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is globally recognized for financial reporting.