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US Sarbanes-Oxley Act and similar pieces of Canadian legislation jointly known as CSOX: A. Enable law...

US Sarbanes-Oxley Act and similar pieces of Canadian legislation jointly known as CSOX:

A. Enable law enforcement officers to wire tap corporate phones if required

B. Have led to a decrease in the amount of work done by auditors and accountants

C. Forbid corporations from making personal loans to executives

D. Require the CEO of a public company to take responsibility for the reliability of its financial statements

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Answer #1

Answer is ------------> Option D

Explanation:

Both US sarbanes act and CSOX came to revive the confidence of the investor which has been lost because of the various financial frauds taken place in year 2001 and 2002 from the companies such as Enron and many more.

Due to the above reason , this act has been enacted and the companies and its internal officers are required to follow more stringent rules.

Hence in both the law , requiring the CEO of a public company to certify the reliability of the financial statements is the common point and the reason being it has been enacted is to revive the confidence of the investors on the financial statements of the company.

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