The General Philosophy Behind SOX Is to Minimize Financial Statement

question 37

True/False

The general philosophy behind SOX is to minimize financial statement fraud by promoting strong corporate governance and organizational oversight by 6 groups, which include management, the board of directors, the audit committee, management, internal auditors, external auditors, and public oversight groups.

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Definitions:

Looking-glass Self

A concept in sociology suggesting that an individual's self-awareness and self-identity are shaped by how they perceive others view them.

Charles Horton Cooley

An American sociologist known for his concept of the "looking-glass self," which explains how our self-image is shaped by how others perceive us.

Social Learning Theory

A theory that proposes individuals learn behaviors, norms, and values primarily through observing and imitating others in their society.

Identity

The way an individual sees themselves, encompassing personal traits, social affiliations, and cultural identity.