CCSP · Question #387
Which United States law is focused on accounting and financial practices of organizations?
The correct answer is C. SOX. The Sarbanes-Oxley Act (SOX), enacted in 2002, was established to protect investors by improving the accuracy and reliability of corporate financial disclosures and accounting practices. It imposes strict requirements on financial record-keeping and reporting for publicly…
Question
Which United States law is focused on accounting and financial practices of organizations?
Options
- ASafe Harbor
- BGLBA
- CSOX
- DHIPAA
How the community answered
(48 responses)- A2% (1)
- B2% (1)
- C88% (42)
- D8% (4)
Explanation
The Sarbanes-Oxley Act (SOX), enacted in 2002, was established to protect investors by improving the accuracy and reliability of corporate financial disclosures and accounting practices. It imposes strict requirements on financial record-keeping and reporting for publicly traded companies. HIPAA governs healthcare data privacy, GLBA (Gramm-Leach-Bliley Act) regulates financial institutions' handling of consumer data, and Safe Harbor was a data transfer framework between the US and EU.
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