The Key Requirements of the Sarbanes-Oxley Act State That

question 92

Multiple Choice

The key requirements of the Sarbanes-Oxley Act state that

• A)boards of directors should include at least three outside directors.
• B)the positions of CEO and chairman of the board should not reside in the same individual.
• C)compliance is mandatory for public corporations, optional for listed non-public corporations.
• D)none of the above.

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Definitions:

Customer's Death

refers to the event of a customer dying, potentially affecting their ongoing contracts and the legal obligations or rights of the entities they were engaged with.

Deceased Customer

A deceased customer refers to an account holder or client of a bank or financial institution who has passed away, initiating specific legal and operational procedures regarding the handling of the individual's assets and accounts.

Check Payment

A method of payment wherein the payer writes a check to the payee, who then deposits or cashes the check to receive the amount specified.

Teller's Check

A bank check that is drawn on the bank's own funds and signed by a cashier.