Section 802 of the Sarbanes-Oxley Act of 2002 Creates Severe

question 9

Essay

Section 802 of the Sarbanes-Oxley Act of 2002 creates severe criminal penalties applicable to bankruptcy proceedings. What are they?

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Definitions:

Inventory

The total amount of goods and materials held by a business for the purpose of resale or production.

Contradict

to assert the opposite of a statement made by someone, implying disagreement or denial.

Automates

The process of making an operation or procedure carried out without human intervention through the use of mechanical or electronic devices.

Agency

A relationship where one party (the agent) is authorized to act on behalf of another (the principal) in dealing with third parties.