How well do you know the Sarbanes-Oxley Act (SOX) and its impact on financial di...

• The Sarbanes-Oxley Act (SOX) required increased financial disclosure and internal auditing certification.
• It applied to all publicly traded companies listed in the USA, whether resident in the USA or abroad.
• Companies were required to submit an annual report about their internal accounting controls to the SEC.
• Section 302 mandated internal procedures to ensure accurate financial disclosure.
• Officers must certify responsibility for establishing and maintaining internal controls and evaluate their effectiveness.
• Section 404 required management to produce a report on the company's internal controls as part of the annual report.
• Independent external auditors must also attest to management's internal control assessment.
• SOX established new standards for boards and their audit committees.
• It established new independence standards for external auditors.
• It established a new Public Company Accounting Oversight Board (PCAOB) to oversee public accounting firms and issue accounting standards overseen by the SEC.

Test your knowledge on the Sarbanes-Oxley Act with this informative quiz! Explore the key provisions of the act, including increased financial disclosure and internal auditing certification, annual reporting requirements, and new standards for boards and external auditors. Challenge yourself on the specifics of Section 302 and 404, as well as the establishment of the Public Company Accounting Oversight Board. Master the intricacies of SOX and impress your colleagues with your expertise!