The Importance to the Accounting Profession of the Sarbanes-Oxley Act

question 160

Multiple Choice

The importance to the accounting profession of the Sarbanes-Oxley Act is that

• A)bribery will be eliminated
• B)management will not override the company's internal controls
• C)management is required to certify the internal control system
• D)firms will not be exposed to lawsuits

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Definitions:

Homeowners

Individuals who own the homes in which they live, holding either a mortgage or clear title to the property.

Claims

Assertions or requests for payment as compensation for a loss or damage covered under an insurance policy.

Political Party Affiliation

An individual's allegiance or support for a specific political party based on ideology, policy preference, or candidate selection.

Frequency Distribution

A mathematical function showing the number of occurrences of each value in a dataset.