Which of the following is not a provision of (nor an outgrowth of) the Sarbanes-Oxley Act?
A. A new body, the Public Company Accounting Oversight Board, oversees and investigates the audits and auditors of public companies.
B. A public company's annual report must contain a separate disclosure that assesses the company's internal controls.
C. A company must prepare a balance sheet, an income statement, a statement of stockholders' equity, and a statement of cash flows.
D. Management is essentially responsible for establishing and maintaining internal controls.
E. A company's Chief Executive Officer (CEO) and Chief Financial Officer (CFO) can be held criminally responsible if their firm's financial statements are fraudulent.
Answer: C
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