The Sarbanes-Oxley Act Requires All of the Following,EXCEPT

question 32

Multiple Choice

The Sarbanes-Oxley Act requires all of the following,EXCEPT:

• A)that audit partners rotate every five years to limit the likelihood that auditing relationships become too cozy over long periods of time.
• B)strict limits on the amount of non-audit fees (consulting or otherwise)that an accounting firm can earn from the same firm that it audits.
• C)that senior management and the boards of public companies be comfortable enough with the process through which funds are allocated and controlled,and outcomes monitored throughout the firm,to be willing to attest to their effectiveness and validity.
• D)the auditor must personally attest to the accuracy of the financial statements presented to shareholders and sign a statement to that effect.

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Definitions:

Cognitive Domain

An area of mental processes related to knowledge, understanding, reasoning, and intellectual development.

Trainee

An individual undergoing training in a particular field or job in order to gain the skills and knowledge necessary for competent performance.

Logical Fallacy

False reasoning that occurs when someone attempts to persuade without adequate evidence or with arguments that are irrelevant or inappropriate.

Bandwagon

A phenomenon where people do something primarily because others are doing it, regardless of their own beliefs.