Which of the following describes the Sarbanes-Oxley Act? Requires rotation of corporate auditors Criminal penalties for all accounting errors Makes a code of ethics optional for all corporations Federal government is responsible for appointing accounting board of directors for large companies 1 poin

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Which of the following describes the Sarbanes-Oxley Act? Requires rotation of corporate auditors Criminal penalties for all accounting errors Makes a code of ethics optional for all corporations Federal government is responsible for appointing accounting board of directors for large companies 1 poin

Answer 1

The Sarbanes-Oxley Act does not criminalize all accounting errors or make a code of ethics optional for corporations. It primarily mandates rotation of corporate auditors and establishes the Public Company Accounting Oversight Board (PCAOB) to oversee the accounting industry. Therefore, the correct description is: "Requires rotation of corporate auditors."

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