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The Sarbanes-Oxley Act:
a. places the responsibility for a firm’s financial statements solely on the chief financ
b. places total responsibility for the financial statements of a firm on the auditor who
c. require the corporate officers to personally attest that the financial statements are
company’s financial results.
d. requires that the board of directors be solely responsible for the firm’s financial deal
e. requires all corporations to fully disclose its financial dealings to the general public.

Ask by Alexander Gordon. in the United States
Jan 22,2025

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The Sarbanes-Oxley Act requires corporate officers to personally confirm that financial statements are accurate and reflect the company’s financial results.

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The Deep Dive

The Sarbanes-Oxley Act, enacted in 2002 in response to financial scandals like Enron, was designed to protect investors by improving the accuracy and reliability of corporate disclosures. It introduced stringent regulations, including the requirement for corporate executives to personally certify the accuracy of their company’s financial statements. This personal accountability was a significant shift in corporate governance, enhancing transparency and restoring public trust in the financial markets.
In practical terms, the implementation of the Sarbanes-Oxley Act means that companies must maintain strict internal controls over financial reporting. This includes regular audits and evaluations of business practices to ensure compliance. Failure to adhere to these guidelines can lead to hefty fines and even criminal charges for executives, encouraging them to maintain ethical standards while promoting transparency to the stakeholders and the public.

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