The illegal actions of Enron and Arthur Andersen brought about what changes in the field of accounting? Check all that apply.

• Accounting professionals were now regulated by the Pubic Company Accounting Oversight Board.

• Criminal penalties were put in place so that CEO's and CFO's have repercussions if financial reports are falsified.

• Auditors are required to make public the accounting records of any firm they work with, given 120 days notice.

• The Sarbanes-Oxley Act was enacted.

Which of these are true about the external audit? Check all that apply.

• It is considered a "stamp of approval."

• A CPA submits an opinion on whether the statements were prepared in accordance with generally accepted accounting principles.

• It has to be completed once every ten years.

• The information remains private between the CFO and auditors.