One of the Mandated Standards Within Title I of SOX

question 12

True/False

One of the mandated standards within Title I of SOX is that auditors must retain their working papers for a minimum of five years.

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Definitions:

Executives

Senior-level employees responsible for strategizing, decision-making, and overseeing a company or organization's overall direction.

General Public

The broad group of people in society who do not have a specialized knowledge of or professional involvement in a particular subject.

Privately Held

A business ownership structure where the company’s shares are not traded on public stock exchanges and are typically owned by founders, management, or a private group.

Closely Held

A business that is privately owned, typically with a small number of shareholders, and not publicly traded on stock markets.