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Answer (D) is correct . The Sarbanes-Oxley Act of 2002 imposes many requirements on management, boards of directors, and auditors. Section 404 deals with internal controls and reports thereon. It requires management to establish and document internal control procedures and to include in their annual reports a report on the company’s internal control over financial reporting. The report is to include a statement of management’s responsibility for internal control, management’s assessment of the effectiveness of internal control as of the end of the most recent fiscal year, identification of the framework used to evaluate the effectiveness of internal control (such as the COSO report), and a statement that the external auditor has issued an attestation report on management’s assessment. Because of this requirement, there are two audit opinions:? one on internal control and one on the financial statements. Section 301 does address activities of the audit committee, but it contains no requirement that the audit committee approve the choice of accounting policies and practices. Section 204 states that the auditor must report to the audit committee all critical accounting policies and practices, alternative treatments of information discussed with management, implications of the alternatives, and the treatment preferred by the auditor.

Answer (A) is incorrect because These are true statements about Section 404 requirements.
Answer (B) is incorrect because These are true statements about Section 404 requirements.
Answer (C) is incorrect because These are true statements about Section 404 requirements.