Because reliance on corporate boards to police themselves did not seem to be
working, Congress passed the Public Accounting Reform and Investor Protection Act
of 2002, commonly known as the Sarbanes-Oxley Act (SOX), which is enforced by
the Securities and Exchange Commission (SEC). One of the great strengths of SOX is
that it achieves broad regulatory coverage at an extraordinarily low cost to firms.
False
True

Question

10-05-2024
History

Answered

Because reliance on corporate boards to police themselves did not seem to be
working, Congress passed the Public Accounting Reform and Investor Protection Act
of 2002, commonly known as the Sarbanes-Oxley Act (SOX), which is enforced by
the Securities and Exchange Commission (SEC). One of the great strengths of SOX is
that it achieves broad regulatory coverage at an extraordinarily low cost to firms.
False
True

Verified Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-05-10T17:22:19-04:00

Final answer:

The Sarbanes-Oxley Act (SOX) achieves broad regulatory coverage at a low cost to firms, making it effective in enhancing investor protection and confidence.

Explanation:

True. The Sarbanes-Oxley Act (SOX), enacted in 2002, established regulatory measures to address financial scandals and increase accountability in public corporations. One of its key strengths is the creation of the Public Company Accounting Oversight Board (PCAOB) to oversee auditor activities, enhancing investor protection and confidence.

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