Which of the Following Are Penalties Under the Sarbanes-Oxley Act

question 37

Multiple Choice

Which of the following are penalties under the Sarbanes-Oxley Act for the willful violation of the section requiring the retention of working papers?

• A) There are no penalties because the Sarbanes-Oxley Act does not require the retention of working papers.
• B) Accountants may be fined but not imprisoned.
• C) Accountants may be fined or imprisoned for up to ten years, but not both.
• D) Accountants may be fined, imprisoned for up to ten years, or both.
• E) Accountants may be fined, imprisoned for up to five years, or both.

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Definitions:

Incentive Structure

An incentive structure is a system of rewards and penalties that aims to motivate individuals or entities to act in a certain way that aligns with specific objectives or goals.

Organization

A structured group of individuals working together towards common goals or objectives, often characterized by a specific hierarchy and roles.

Vice President

An executive role in a company or government, typically below the president, responsible for specific departments or decision-making.

Sales Staff

Sales staff are employees dedicated to selling products or services, often working directly with customers to meet their needs and close sales.