In the U.S., the first legislation requiring management of public companies to maintain a system of internal controls was the:
A) Committee of Sponsoring Organizations (COSO) of the Treadway Commission Act.
B) Sarbanes-Oxley Act.
C) Foreign Corrupt Practices Act.
D) Public Company Accounting Oversight Board (PCAOB) Act.

Question

Quizplus · Accepted Answer

The Foreign Corrupt Practices Act (FCPA) of 1977 was the first U.S. legislation that required corporations to maintain systems of internal accounting controls. It was enacted in response to corporate scandals involving bribery of foreign officials.

In the US, the First Legislation Requiring Management of Public Companies to Companies