Read and review the excerpts from the Sarbanes-Oxley Act in the Appendix of the

Question

Read and review the excerpts from the Sarbanes-Oxley Act in the Appendix of the textbook. Identify three of the criminal penalties that can be charged under the Sarbanes-Oxley Act. How do these sections of the Sarbanes-Oxley Act promote ethical behavior by corporations? Read and review the excerpts from the Sarbanes-Oxley Act in the Appendix of the textbook. Identify three of the criminal penalties that can be charged under the Sarbanes-Oxley Act. How do these sections of the Sarbanes-Oxley Act promote ethical behavior by corporations?

Explanation / Answer

We have seen that the SOA substantially changed the liability environment in which auditors of public companies must operate.Before the SOA liability would typically come about onlyaftera corporate collapse.But while auditors knew that the resulting liability would be great, they also knew that for any given audit it was very unlikely to occur. Now, as William McDonough, Chair of the PCAOB has said

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