The SOX Legislation Basically Requires Management of Privately Held Companies

question 62

True/False

The SOX legislation basically requires management of privately held companies must assess and report on the effectiveness of internal controls for financial reporting using a recognized framework.

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Definitions:

Potential GDP

The highest level of economic output that an economy can sustain over the long term without increasing inflation.

Capital Spending

Expenditure by businesses on physical assets like buildings, machinery, and equipment to enhance their capacity or efficiency.

Privatization

The process of turning government enterprises into private enterprises.

U.S. Economy

The economic system of the United States, characterized by a mixed economy with private freedom combined with centralized economic planning and government regulation.