Because of the accounting problems at WorldCom, Enron, and other major corporations, the U.S.Congress tightened key accounting and financial reporting rules, and corporations have enacted more stringent accounting practices.

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The statement is true. The Sarbanes-Oxley Act, passed by Congress in 2002, implemented stricter financial reporting rules and established the Public Company Accounting Oversight Board to oversee auditing practices. Many corporations have also implemented tighter accounting practices in response to these scandals.

Because of the Accounting Problems at WorldCom, Enron, and Other