The Sarbanes-Oxley Act Requires All of the Following EXCEPT ________

question 11

Multiple Choice

The Sarbanes-Oxley Act requires all of the following EXCEPT ________.

• A) audit partners rotate every five years to limit the likelihood that auditing relationships become too cozy over long periods of time
• B) strict limits on the amount of non-audit fees (consulting or otherwise) that an accounting firm can earn from the same firm that it audits
• C) senior management and the boards of public companies to be comfortable enough with the process through which funds are allocated and controlled, and outcomes monitored throughout the firm, to be willing to attest to their effectiveness and validity
• D) the auditor must personally attest to the accuracy of the financial statements presented to shareholders and to sign a statement to that effect

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Definitions:

Internal Locus

A psychological term referring to individuals who believe they have control over their own life events and outcomes, as opposed to external forces.

External Locus

A belief that one's life events are largely controlled by external forces or factors beyond one's personal control.

Psychoneuroimmunology (PNI)

The study of the relationships among psychology, the nervous and endocrine systems, and the immune system.

Confessional Behavior

A psychological phenomenon where individuals are compelled to admit or disclose their thoughts, feelings, or actions, often in a context that involves guilt or wrongdoing.