Question

The Sarbanes-Oxley Act was a response by Congress to an array of high-profile U.S. business scandals at the beginning of the 21st century. True or False?

Answer 1

The Sarbanes-Oxley Act was a response by Congress to high-profile U.S. business scandals and was designed to increase transparency and accountability in corporate governance.

Step-by-step explanation:

True. The Sarbanes-Oxley Act was indeed a response by Congress to a number of high-profile U.S. business scandals at the beginning of the 21st century. These scandals involved well-known companies like Enron, Tyco International, and WorldCom, and they shook public confidence in the financial system. The act was designed to increase transparency and accountability in corporate governance, protect investors, and restore trust in the financial information provided by public corporations.