Summarize the Sarbanes-Oxley Act of 2002 and describe the mandates it placed on organizations.
What will be an ideal response?
The Sarbanes-Oxley Act of 2002 established requirements for proper financial record keeping for public companies and penalties of as much as 25 years in prison for noncompliance. Administered by the Securities and Exchange Commission, the Act, known informally as SarbOx, requires a company's chief executive officer and chief financial officer to personally certify the organization's financial reports, prohibits them from taking personal loans or lines of credit, and makes them reimburse the organization for bonuses and stock options when required by restatement of corporate profits. It also requires the company to have established procedures and guidelines for audit committees.
You might also like to view...
The data processing method that can shorten the cash cycle is
a. batch, sequential file processing b. batch, direct access file processing c. real-time file processing d. none of the above
Which retail assortment strategy is characterized by one-stop shopping appeals, a broad market appeal, and a high inventory investment?
a. narrow and shallow b. narrow and deep c. wide and shallow d. wide and deep
Most companies use _____ as a central part of their selection process.
A. performance appraisals B. interviews C. orientation D. job analysis
A court may, at times, discharge a party who has not performed
Indicate whether the statement is true or false