All of the following are principal provisions of the Sarbanes-Oxley Act of 2002 except:
A) At least one member of the audit committee of the board of directors must be a "financial expert."
B) The lead audit or coordinating partner and the reviewing partner of the public accounting firm must rotate, or change, every five years.
C) The firm's chief executive officer and the chief financial officer must issue a statement along with the audit report stating that the financial statements and notes fairly present the operations and financial position of the firm.
D) The FASB has oversight and enforcement authority over the SEC.

Question

Quizplus · Accepted Answer

The principal provisions of the Sarbanes-Oxley Act of 2002 include A, B, and C. However, D is not a provision of the act. The FASB (Financial Accounting Standards Board) does not have oversight or enforcement authority over the SEC (Securities and Exchange Commission). The FASB is an independent organization responsible for setting accounting standards in the U.S. while the SEC is a government agency responsible for enforcing securities laws and regulating the securities industry.

All of the Following Are Principal Provisions of the Sarbanes-Oxley