Asked by pawanpreet singh on Sep 28, 2024
Some, especially those in business, complain that the Sarbanes-Oxley Act and similar legislation
A) is excessively complex and financially burdensome.
B) is not necessary.
C) is fair to all firms.
D) has reduced restatements of financial reports.
E) is too simplistic.
Legislation
Laws that have been enacted by a governmental body or legislature.
Sarbanes-Oxley Act
A U.S. federal law enacted in 2002 to protect investors from fraudulent financial reporting by corporations, mandating strict reforms to improve financial disclosures and prevent accounting fraud.
Financially Burdensome
Describing a situation or requirement that imposes a significant financial strain or expense on an individual or organization.
- Understand the essential elements of significant financial and ethical legislations such as the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Learning Objectives
- Understand the essential elements of significant financial and ethical legislations such as the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act.