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In Response to Accounting Scandals in 2002, the Federal Government

question 245

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In response to accounting scandals in 2002, the federal government passed legislation requiring that corporate directors have a certain level of expertise with financial information and mandating that chief executive officers personally certify the accuracy of financial statements.What is the name of this legislation?


Definitions:

Proposal

An offer made by one party to another, intending to create a legal obligation upon acceptance.

Clickwrap

A legal agreement which a user accepts by clicking on an "I agree" or similar button during software installations or within online services.

Browse-wrap

A type of online agreement where acceptance is implied through the use of the website, without requiring an explicit agreement from the user.

Promissory Estoppel

A principle enforcing a party’s promise to prevent injustice, even if the promise was not formalized into a contract.

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