Question

Which of the following statements about the Sarbanes-Oxley Act (SOX) are true?

Select all that apply

a. It requires the rotation of the lead partner of an audit engagements every seven years

b. It created the PCAOB to regulate auditors of public companies and the types of services they furnish to clients

c. It provides for stiff criminal penalties for violators of SOX

d. It requires auditors to document the company's internal controls

Answer 1

Answer: These are the correct answers
b. It created the PCAOB to regulate auditors of public companies and the types of services they furnish to clients

c. It provides for stiff criminal penalties for violators of SOX

d. It requires auditors to document the company's internal controls

Explanation: A is incorrect because the It requires rotation of the lead partner on an audit every five years not seven.