Chris, a newly hired Certified Public Accountant, was asked by a business client, a chief executive officer, about the effect of the Sarbanes-Oxley Act on an accounting issue. Chris assured the client that the client should not be concerned about the act because it is very vague, unspecific, and difficult to understand. Chris also told the CEO that the CEO could not be held personally responsible, regardless of what happened, because only company business was involved. Finally, Chris told the CEO that there is no oversight involved with the act. Later that same day, Chris's coworker discovered that the CEO had been involved in misstating some financial reports and had also destroyed financial documents to cover up fraud. An employee at the company, Olivia, had informed the coworker as well as the SEC. When the issue was mentioned to the CEO, he immediately fired Olivia. Does the Sarbanes-Oxley Act create a board of oversight and, if so, what is it called?
A. Chris is correct. No oversight board was created by the Act
B. Yes, a board called the Public Company Accounting Oversight Board was created by the Act
C. Yes, a board called the Public Accountability Commission was created by the Act
D. Yes, a board called the CPA Oversight Commission was created by the Act
E. Yes, a board called the Federal Accountability Commission was created by the Act