Question

Which of the following are key requirements of the Sarbanes-Oxley Act? I. Officers of the corporation must review and sign annual reports. II. Officers of the corporation must now own more than 5% of the firm's stock. III. Annual reports must list deficiencies in internal controls IV. Annual reports must be filed with the SEC within 30 days of year end.

Answer 1

Answer:

I Officers of the corporation must review and sign annual reports.

III  Annual reports must list deficiencies in internal controls.

Explanation:

The Sabranes-Oxley Act was introduced in 2002.It is a federal law which establishes sweeping auditing and financial regulations for public companies.

The key requirements for Sabranes-Oxley Act is as following:-

1. Annual reports must list the deficiencies in the internal  controls.
2. Corporation's Officers must review and sign the annual reports.