Problem:
"Some crooked top management companies are tempted to falsify their financial information in order to look better than they are. Therefore it is essential for financial reporting to have integrity. This makes the integrity of financial reporting a fiduciary duty and an ethical issue".
The Sarbanes-Oxley Act (SOX) was signed into law in July 2002 and was designed to improve the accuracy of publicly held companies' financial statements. How would this Act affect:
1. The Audit committees of public company boards of directors
2. The CEO's and CFO's of the public companies.