Which of the Following Statements About the Sarbanes-Oxley Act Is

question 27

Multiple Choice

Which of the following statements about the Sarbanes-Oxley Act is incorrect?

• A) The act was passed in 1996.
• B) Because the act is complex, compliance is more expensive and time consuming for corporate management.
• C) Because of the act, the SEC was required to establish a federal oversight board.
• D) Because of the act, a corporation's chief executive and financial officers must certify financial reports.
• E) The act strengthened the penalty for destroying financial documents related to an audit.

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Definitions:

Organized Crime

Structured groups engaged in illegal activities, such as drug trafficking, theft, and extortion, often with a hierarchical system of leadership.

Amateur Robbery

Unsophisticated or inexperienced criminal activities aimed at unlawfully obtaining goods, money, or other assets.

Professional Robbery

Robbery conducted by individuals who are skilled and methodical, treating the act as a profession rather than opportunistic crime.

Amateur Robbery

A robbery conducted by individuals without professional skills or experience in committing such crimes.