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:

Bottom Line

The final line in a financial statement that shows net income or loss.

Buying Center

A group of individuals within an organization who participate in the decision-making process for purchasing products or services.

Negotiates

The process of discussing something with someone in order to reach an agreement.

Purchaser

An individual or entity that buys goods or services.