the act of congress that requires the chief executive officers of publicly held companies to certify in writing that their companies' annual financial reports do not contain any false statements or omissions is called the act.

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16-12-2022
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the act of congress that requires the chief executive officers of publicly held companies to certify in writing that their companies' annual financial reports do not contain any false statements or omissions is called the act.

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akursharma9034 akursharma9034 · Answer 1 · 2022-12-21T04:14:12-05:00

The act of Congress that requires the chief executive officers of publicly held companies to certify in writing that their companies' annual financial reports do not contain any false statements or omissions is called the Sarbanes-Oxley Act.

The Sarbanes-Oxley Act of 2002 is a federal law in the United States that prescribes specific procedures for corporate financial record keeping and reporting. The law, also known as the "Public Company Accounting Reform and Investor Protection Act" (in the Senate) and the "Corporate and Auditing Accountability, Responsibility, and Transparency Act" (in the House), is more commonly referred to as Sarbanes-Oxley, SOX, or Sarbox. It has eleven sections that impose guidelines on all boards of directors, management teams, and public accounting firms of U.S. public companies. The Act's provisions, such as the wilful destruction of evidence to obstruct a government investigation, also apply to privately held businesses. The rule was implemented in response to many significant business and accounting scandals, notably Enron and WorldCom. The bill's provisions address the duties of the board of directors of public corporations, impose criminal penalties for specific types of wrongdoing, and call on the Securities and Exchange Commission to establish regulations outlining public businesses' legal obligations.

Learn more about Sarbanes-Oxley Act here

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