One of the components of the Sarbanes-Oxley Act is to set forth new penalties for boards of directors,accounting firms and management if inaccurate or fraudulent financial reporting is found.

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This statement is true. The Sarbanes-Oxley Act includes provisions for new penalties that can be levied against boards of directors, accounting firms and management if inaccurate or fraudulent financial reporting is found. These penalties are intended to hold these parties accountable for their actions and to help prevent future financial scandals.

One of the Components of the Sarbanes-Oxley Act Is to Set