In $2002,$ in response to an outbreak of corporate scandals and unethical financial and accounting behavior, Congress passed the Sarbanes$-$Oxley Act. Which of the following is a major provision of this legislation?

publicly$-$traded corporations with sales of at least $$50$ million or total assets of at least $$100$ million are exempt from possible prosecution for the preparation of fraudulent financial statements.

A publicly$-$traded corporation must have a board of directors that includes outside directors to oversee the firm$$s annual audit.