Which of the following statements about the Sarbanes-Oxley Act of - 11251

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Which of the following statements about the Sarbanes-Oxley Act of 2002 is not correct?

  • The Act requires the CFO and the Controller certify in writing that their company's financial statements and accompanying disclosures fairly represent the results of operations.
  • The Act requires that a company's annual report contain an internal control report.
  • The Act establishes severe penalties of as many as 20 years in prison for altering or destroying any documents that may eventually be used in an official proceeding and as many as 10 years in prison for managers who retaliate against a whistle-blower who goes outside the chain of command to report misconduct.
  • The Act places the power to hire, compensate, and terminate the public accounting firm that audits a company's financial reports in the hands of the audit committee.

Solution Description

 

Which of the following statements about the Sarbanes-Oxley Act of 2002 is not correct?

 

  • The Act requires the CFO and the Controller certify in writing that their company's financ