Which of the following statements is true of the Sarbanes-Oxley Act of 2002?
A. Section 106 of the act deals expressly with national accounting firms.
B. The act reduces criminal penalties for securities fraud.
C. It requires foreign accounting firms to register with the Public Company Accounting Oversight Board if they audit public companies.
D. Its registration and reporting provisions apply only to U.S. companies listed on U.S. securities exchanges.
Answer: C
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