Final answer:
The Sarbanes-Oxley Act includes provisions for a code of ethics for senior financial officers, management assessments of internal controls, and criminal penalties for altering documents. The Act established the Public Company Accounting Oversight Board, not the Public Accounting Standards Board; thus, option 3 is incorrect.
Step-by-step explanation:
The Sarbanes-Oxley Act of 2002 was created in the wake of numerous accounting scandals to increase confidence in the financial information provided by public corporations. This legislation aimed to protect investors from accounting fraud by implementing several key provisions. These provisions include establishing a code of ethics for senior financial officers, requiring management assessments of internal controls, imposing criminal penalties for altering documents, and other measures intended to strengthen corporate governance.
Looking at the options provided in the question, three of these are indeed provisions established under the Sarbanes-Oxley Act. The code of ethics for senior financial officers, management assessments of internal controls, and criminal penalties for altering documents are all requirements stipulated by the Act. However, the creation of the Public Company Accounting Oversight Board (PCAOB), rather than the Public Accounting Standards Board, was the actual regulatory body established by the Sarbanes-Oxley Act to oversee the audits of public companies to ensure the accuracy of financial statements. Therefore, option 3 that refers to the creation of the Public Accounting Standards Board is not correct, as this board does not exist under the Sarbanes-Oxley framework.