Why was the Sarbanes–Oxley Act of 2002 amended in 2010?Multiple choice question.To enhance the power of the board supervising the act to establish clearer disciplinary proceedings where violations have occurredTo minimize control over the financial activities of public companiesTo mandate employers to provide health insurance to employees who work for more than 30 hours per weekTo create a five-member commission that has the power to prescribe safety standards for more than 15,000 types of consumer products
Question
Why was the Sarbanes–Oxley Act of 2002 amended in 2010?Multiple choice question.To enhance the power of the board supervising the act to establish clearer disciplinary proceedings where violations have occurredTo minimize control over the financial activities of public companiesTo mandate employers to provide health insurance to employees who work for more than 30 hours per weekTo create a five-member commission that has the power to prescribe safety standards for more than 15,000 types of consumer products
Solution
The Sarbanes-Oxley Act of 2002 was not amended in 2010. Therefore, none of the options provided are correct. The Sarbanes-Oxley Act, also known as SOX, is a US federal law that set new or expanded requirements for all U.S. public company boards, management, and public accounting firms. It does not mandate employers to provide health insurance nor does it prescribe safety standards for consumer products. Those are covered under different laws and regulations.
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The Sarbanes–Oxley Act of 2002 intended to reform:Multiple choice question.supply chain operations.persecution of convicted robbers.public company accounting.lawyer interaction with company officials.
What is the provision of section 404 of the Sarbanes–Oxley Act?Multiple choice question.It encourages businesses to go public.It requires employers with 100 or more full-time employees to provide health-care coverage by January 1, 2015.It minimizes control over the financial activities of public firms.It requires a firm to attest to the soundness of the firm's internal controls and financial statements.
Which of the following led to the passage of the Sarbanes-Oxley Act of 2002?Multiple choice question.High profile accounting scandals during the early 2000sThe likely adoption of global accounting standards in the U.S.The increasing complexity of U.S. GAAPThe increasing incidence of financial statement misstatements
During which decade was the Sarbanes–Oxley Act passed?Multiple choice question.The 1990sThe 2000sThe 1980sThe 1970s
Which are provisions of the Sarbanes-Oxley Act?Multiple select question.strengthens the protection of whistleblowersallows corporate loans to directors of the companyrequires CEOs to certify the accuracy of financial reportsprohibits accounting firms from providing consulting services to companies they audit
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