Which of the Following Is Not Correct Relating to the Sarbanes-Oxley

question 37

Multiple Choice

Which of the following is not correct relating to the Sarbanes-Oxley Act?

• A)It toughens penalties for corporate fraud.
• B)It restricts the types of consulting CPAs may perform for audit clients.
• C)It applies to both public and nonpublic audit clients.
• D)It eliminates a significant portion of the accounting profession's system of self-regulation.

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Definitions:

NSF

Stands for "Non-Sufficient Funds," indicating a situation where an account does not have enough money to cover a check or withdrawal.

Balance Sheet

A financial statement that provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and equity.

Adjusted Balance

An accounting figure reached after adjusting the book balance of an account for checks and deposits in transit, fees, or errors.

Balance Per Bank

The amount of money that a company's bank account shows according to the bank's records.