Question

Which of the following did NOT result from the Sarbanes-Oxley Act?

Multiple Choice

• the creation of a five-member Public Company Accounting Oversight Board

• the reduction of the “Big Five” accounting firms to the “Big Four”

• the requirement that chief executives and chief financial officers of publicly-traded corporations certify their financial statements

• the requirement that accounting firms maintain the same lead auditor for a company for at least ten years

Answer 1

The following did not result from the Sarbanes-Oxley Act:-

• the reduction of the “Big Five” accounting firms to the “Big Four”

The big five had become big four after the collapse of 'Arthur Andersen' which was before the Sarbanes-Oxley Act came in force.