Which of the following is not a provision of the Public Company Accounting Reform and Investor Protection Act of 2002 (Sarbanes-Oxley)? The Act:
A) Changed the entity responsible for setting auditing standards.
B) Increased corporate executive responsibility for financial statements.
C) Limited nonaudit services that can be performed by auditors for audit clients.
D) Changed the entity responsible for setting accounting standards.

Question

Quizplus · Accepted Answer

The Public Company Accounting Reform and Investor Protection Act of 2002 (Sarbanes-Oxley) did not change the entity responsible for setting accounting standards. The responsibility for setting accounting standards remained with the Financial Accounting Standards Board (FASB). The Act did, however, change the entity responsible for setting auditing standards by creating the Public Company Accounting Oversight Board (PCAOB), which is responsible for overseeing the auditing and accounting professions.

Which of the Following Is Not a Provision of the Public