2. TrueFalse Statements A. Section 404 of the Sarbanes Oxley law requires the CPA firm auditing a company to take responsibility for the company's internal controls. B. The sarbanes-Oxley Act strengthened auditor independence by C. An audit committee must be composed of outside directors. D. The PCAOB is authorized to set accounting standards for E. The name of the PCAOB is the Public Company Accounting requiring audit committees to appoint the auditors. An example of an outside director is a director who is a CIO (chief informational officer) of a segment of the company. audits of companies whose stock is publically traded. Oversight Board. Answers: "TRUE" or "FALSE" D