Which of the following statements about the Sarbanes-Oxley Act is incorrect?
A) The act was passed in 1996.
B) Because the act is complex, compliance is more expensive and time consuming for corporate management.
C) Because of the act, the SEC was required to establish a federal oversight board.
D) Because of the act, a corporation's chief executive and financial officers must certify financial reports.
E) The act strengthened the penalty for destroying financial documents related to an audit.

Question

Quizplus · Accepted Answer

The Sarbanes-Oxley Act was not passed in 1996, but in 2002, as a response to the accounting scandals of Enron and WorldCom.

Which of the Following Statements About the Sarbanes-Oxley Act Is