The Sarbanes Oxley Act


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question 1 of 3

Sarbanes-Oxley applies to which of the following types of businesses?

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1. Sarah works for an independent accounting firm and is performing an audit of the MegaCorp company. MegaCorp offers Sarah's firm a multi-million-dollar consulting contract in the midst of the audit. Under the provisions of The Sarbanes Oxley Act, what action can Sarah legally take?

2. If a CEO files a false certification that all material aspects of the company finances are included with a filed report, what type of criminal penalty may the CEO face?

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About This Quiz & Worksheet

The Sarbanes-Oxley Act is legislation that was passed by the US congress regarding the financial industry that together, the quiz and worksheet will help you to better understand. Learn and remember important information, such as the content and purpose, of this particular legislative act.

Quiz & Worksheet Goals

These items will evaluate you on:

  • Applicable business of the act
  • Audit record requirements
  • Regulations concerning CEOs
  • Internal controls on businesses
  • The purpose of the legislation

Skills Practiced

The quiz and worksheet will measure your skills of:

  • Reading comprehension - ensure that you draw the most important information from the related Sarbanes-Oxley Act lesson
  • Making connections - use understanding of the concept of an internal control system to see the application of this act
  • Knowledge application - use your knowledge to answer questions about specific regulations

Additional Learning

To be certain that you know all that you need to, spend some time reviewing the lesson entitled The Sarbanes-Oxley Act. This lesson will focus on these objectives:

  • Know which businesses fall under the regulation of Sarbanes-Oxley
  • Understand the purpose of this legislative act
  • Discover requirements placed upon auditors and CEOs
  • Identify the purpose of the act