All of the Following Are Reasons Why SOX Was Enacted

question 24

Multiple Choice

All of the following are reasons why SOX was enacted, except:

• A)Enron's CEO, Jeffrey Skilling, claimed he did not know about the company's financial shenanigans because he was not involved in their accounting
• B)Public perception was that auditors were having conflicts of interest with respect to the auditing and consulting services they provided
• C)The FASB has long been thought to be ineffective
• D)Congress wanted to restore investor confidence in the wake of a rash of corporate scandals

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Definitions:

Role Model

An individual who serves as an example for others to strive toward and emulate.

Style Enclaves

Distinctive social groups or communities that are formed around and identified by unique styles, tastes, or cultural preferences.

Real Communities

Groups of people who share common interests, values, or characteristics, often inhabiting a specific locality and interacting within a real or physical environment.

Community Spirit

A sense of unity, belonging, and mutual support shared among members of a community.