Which of the following is not correct relating to the Sarbanes-Oxley Act?
a. It toughens penalties for corporate fraud.
b. It restricts the types of consulting CPAs may perform for audit clients.
c. It created the Public Company Accounting Oversight Board (PCAOB) as a replacement for the Financial Accounting Standards Board.
d. It eliminates a significant portion of the accounting profession's system of self-regulation.
Answer: C
CPA Exam
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