Which of the Following Is Not a Provision of the Sarbanes-Oxley

question 8

Multiple Choice

Which of the following is not a provision of the Sarbanes-Oxley Act of 2002?

• A) The chief executive officer and the chief financial officer are jointly responsible for establishment and enforcement of internal controls.
• B) Companies are required to report on the effectiveness of their internal controls.
• C) The company's external auditor is charged with the ultimate responsibility for the accuracy of the company's financial statements and accompanying footnotes.
• D) The company's external auditors are required to attest to the accuracy of the internal controls report.

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Definitions:

Representation Clause

A contractual provision where one party guarantees certain facts or conditions to be true or to occur.

Exculpatory Clause

An exculpatory clause is a contract provision that absolves one party from liability for harm or damages incurred by the other party.

Liability Clause

A provision in a contract that outlines the responsibilities and liabilities of each party involved in the agreement.

Agent's Clause

A provision in a contract specifying the authority and scope of the relationship between an agent and the principal they represent.