Question

According to the sarbanes-oxley act, who is responsible for the corporation's financial statements?

Answer 1

According to the Sarbanes-Oxley act, auditors is responsible for the corporation's financial statements.

The 2002 Sarbanes-Oxley Act imposes strict penalties for corporate fraud. To regulate the accounting sector, it established the Public Company Accounting Oversight Board. It prohibited business loans to executives and provided job protection for informants.

The Act improves the corporate boards' financial savvy and independence. It holds CEOs liable for any faults found during accounting audits.

The Act is named for its sponsors, Congressman Michael Oxley of Ohio and Senator Paul Sarbanes of Maryland. Additionally known as "Sarbox" or "SOX," The law was enacted on July 30, 2002. It is enforced by the Securities and Exchange Commission (SEC).

To learn more about Sarbanes-Oxley Act here

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