Which of the Following Does the Sarbanes-Oxley Act of 2002

question 31

Multiple Choice

Which of the following does the Sarbanes-Oxley Act of 2002 require regarding working papers?

• A) Accountants must maintain working papers for ten years starting with the end of the fiscal period in which the audit was conducted.
• B) Accountants must maintain working papers for seven years starting on the last day of the audit.
• C) Accountants must maintain working papers for five years starting with the end of the fiscal period in which the audit was conducted.
• D) Accountants must maintain working papers for one year starting on the last day of the audit.
• E) The act does not require that accountants maintain working papers.

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Definitions:

Arbitration

A form of dispute resolution where a neutral third party hears both sides' arguments and makes a binding decision to resolve the conflict.

Mediators

Neutral third parties who assist in negotiations and conflict resolution by facilitating dialogue between disputing parties.

Negotiations

The art or act of discussing points of difference to reach an agreement, often seen in contexts like business, labor, and diplomacy.

Fact-finder

An impartial party, often appointed by a court or involved in a dispute resolution process, tasked with investigating disputed facts and reporting findings.