Which of the Following Is a Requirement of the Sarbanes-Oxley

question 147

Multiple Choice

Which of the following is a requirement of the Sarbanes-Oxley Act?

• A) An outside auditor must evaluate the client's internal controls and report on the internal controls as part of the audit report.
• B) The Public Company Accounting Oversight Board must conduct audits of public companies.
• C) The accounting firm that audits a public client must also provide consulting services for the same client.
• D) The Public Company Accounting Oversight Board must create new accounting standards.

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Definitions:

Competition

A situation in which individuals or entities strive against each other to achieve a goal that cannot be shared.

Cooperative Reactions

Actions undertaken by individuals or groups that are designed to work together in a mutually beneficial manner.

Ingroup-Outgroup Bias

The tendency to favor members of one's own group (ingroup) over those from different groups (outgroup).

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by prejudice towards other groups.