All of the following are requirements of the Sarbanes-Oxley Act (SOX) except:
A. tip lines that allow employees to secretly submit concerns about questionable accounting or auditing practices
B. fines of up to $5 million plus repayment of any fraud proceeds
C. evaluation and reporting on the effectiveness of internal control over financial reporting for large public companies by external auditors
D. evaluation and reporting on the effectiveness of internal control over financial reporting for all public companies by management with disclosure that management is not responsible for the internal control system
Answer:D
All of the following are requirements of the Sarbanes-Oxley Act (SOX) except:
A. tip lines that allow employees to secretly submit concerns about questionable accounting or auditing practices B. fines of up to $5 million plus repayment of any fraud proceeds C. evaluation and reporting on the effectiveness of internal control over financial reporting for large public companies by external auditors D. evaluation and reporting on the effectiveness of internal control over financial reporting for all public companies by management with disclosure that management is not responsible for the internal control system