Oxley imposes criminal liability on willful violations

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Reference no: EM132138549

1. A surety has the legal right to compel a creditor to pursue the principal debtor first.

2. The Sarbanes-Oxley statute makes the CEO and CFO personally responsible for the proper application of the company's internal controls.

3. The Sarbanes-Oxley Act of 2002 establishes rules that improve corporate governance rules, eliminate conflicts of interest, and instill confidence in investors and the public that management will run public companies in the best interests of all constituents.

4. The Sarbanes-Oxley Act requires CEO and CFO certification for annual and quarterly reports.

5. In a contract of suretyship, the surety is secondarily liable on the obligation and becomes primarily liable only when the debtor does not pay the debt.

6. Sarbanes-Oxley imposes criminal liability on only willful violations, but not on knowing violations.

Reference no: EM132138549

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