The 2002 Sarbanes-Oxley Act forbids use of an audit committee by the board of a publicly held corporation; the full board must oversee the work of the public accounting firm employed to audit the corporate books.

Question

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The 2002 Sarbanes-Oxley Act actually requires publicly held corporations to have an audit committee that is responsible for overseeing the work of the public accounting firm employed to audit the corporate books, enhancing the independence of the audit process.

The 2002 Sarbanes-Oxley Act Forbids Use of an Audit Committee