Which of the following is $\underline{NOT}$ true regarding the passage of the Sarbanes-Oxley (SOX) Act?
A)SOX more clearly defined auditor independence.
B)SOX was intended to erode public confidence in the accounting profession due to recent scandals.
C)SOX replaced peer review with inspection by the PCAOB.
D)SOX implementation became the immediate focus of public companies and CPA firms.

Question

Quizplus · Accepted Answer

The passage of the Sarbanes-Oxley Act was actually intended to restore public confidence in the accounting profession following numerous accounting scandals. It increased transparency and accountability in financial reporting and auditing, and it established the Public Company Accounting Oversight Board (PCAOB) to oversee the auditing profession.

Which of the Following Is NOT‾\underline{NOT}NOT​ True Regarding the Passage of the Sarbanes-Oxley (SOX) Act? A)SOX

Which of the Following Is $\underline{NOT}$ True Regarding the Passage of the Sarbanes-Oxley (SOX) Act?
A)SOX