In response to a large number of high profile cases involving accounting fraud, the U. S. Congress in 2002 passed the:
A)Internal Revenue Fraud Act.
B)Securities and Exchange Commission Fraud Act.
C)Sarbanes-Oxley Act.
D)Federal Reserve Act.

Question

Quizplus · Accepted Answer

The Sarbanes-Oxley Act was passed by the U.S. Congress in 2002 in response to a series of high-profile accounting scandals involving companies such as Enron, Worldcom, and Tyco. The act established rules for corporate governance, increased corporate accountability, and increased penalties for fraud. It also established the Public Company Accounting Oversight Board (PCAOB) to oversee the auditing profession.

In Response to a Large Number of High Profile Cases