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Sarbanes Oxley Act: SOX Corporate Governance

Subjects : certifications, sarbanes-oxley

Instructions:

Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.

1. Establishes establishes far reaching rules regarding coporate governance; CEO and CFO certification; reimbursement of bonuses and incentive pay; prohibition on personal loans; tampering with evidence; bar from acting as an officer/director
Any document that serves as proof of authority to pay cash or issue an electronic funds transfer.
Cash Register
right of first refusal
Sarbanes-Oxley Act

2. Failure of a corporate director or officer to exercise the duty of care while conducting the corporation's business
The employee engaged in protected activity - The person accused of retaliation knew of the activity - The employee suffered an adverse employment action - The circumstances create an inference that the adverse employment action was due to the employe
supramajority voting requirement
record date
negligence

3. The employee is required to do what relative to protected whistleblowers?

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4. How does this Act define 'harm'?
Managers and supervisors who violate SOX by retaliating against whistle blowers may be held personally liable and have to pay judgment awarded to the employee
fiduciary duties
interference with employment or livelihood of the informant
The requirement that public companies create procedures for anonymous employee complaints is enforced by the SEC. The SEC has issued rules requiring the national securities exchanges and associations to delist the stock of companies that fail to comp

5. Meetings of a shareholders that may be called to consider and vote on important or emergency issues - such as a proposed merger or amending the articles of incorporation

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6. A rule that says directors and officers are not liable to the corporation or its shareholders for honest mistakes of judgment
The employee must also serve this notice on the other parties to the dispute (the employer and any other companies or individuals whom the employee accuses of retaliation)
business judgment rule
Creates employee whistleblower protections: Employees who complain of - or provide information about - actions they believe to be shareholder fraud are protected from discrimination and retaliation. The law also obligates covered companies to create
Help control cash by reduicng the amount of cash on hand and facilitating the transfer of cash between businesses and locations

7. An arrangement in which the shareholders transfer their stock certificates to a trustee who is empowered to vote the shares
Creates employee whistleblower protections: Employees who complain of - or provide information about - actions they believe to be shareholder fraud are protected from discrimination and retaliation. The law also obligates covered companies to create
Sarbanes-Oxley
administrative law judge - decision - order
voting trust

8. An agreement that requires selling shareholders to sell their shares to the other shareholders or to the corporation at the price specified in the agreement
buy-and-sell agreement
The person or company must present it's evidence within 20 days after it receives the complaint
voting trust
all employees who work for public companies as long as they qualify as a whistleblower

9. An agreement between two or more shareholders that stipulates how they will vote their shares
preemptive rights
negligence
The requirement that public companies create procedures for anonymous employee complaints is enforced by the SEC. The SEC has issued rules requiring the national securities exchanges and associations to delist the stock of companies that fail to comp
shareholder voting agreement

10. 'The employee's claim of shareholder fraud does not have to be correct.'
The employee only needed to show that he or she had a reasonable belief that the conduct constituted fraud
Employees who complain of violations of state law - or those who complain of violations of internal company policies or procedures (unless the violation could also mislead shareholders)
personal liability
duty of care

11. Bank statement
Providing information about conduct he or she reasonably believes violates the federal laws - SEC regulations - or federal laws against shareholder fraud
To protect investors by improving the accuracy and reliability of corporate disclosures - and much of the law seeks to further this goal by imposing strict rules for audits and auditors of publicly traded companies - preventing insider trading and de
Allows a business to reconcile the cash transactions recorded
Assets are Safeguarded and used for business purposes - Business information is Accurate - Employees comply with Laws and Regulations

12. A lawsuit a shareholder brings against an offending party on behalf of a corporation when the corporation fails to bring the lawsuit
The employee only needed to show that he or she had a reasonable belief that the conduct constituted fraud
derivative lawsuit
E.g. The Management of General Electric Company is responsible for establishing and maintaining adequate internal control over financial reporting for this company With particaipation of the CEO and the CFO.
The employee engaged in protected activity - The person accused of retaliation knew of the activity - The employee suffered an adverse employment action - The circumstances create an inference that the adverse employment action was due to the employe

13. The number of directors necessary to hold a board meeting or transact business of the board
Cash balance according to bank statement - Add deposit not recorded by bank (outstanding deposit) - Deduct outstanding checks (+/- Errors) - Adjusted Balance - Cash balance according to company - Add note and interest collected by bank - Deduct servi
Sarbanes-Oxley
quorum
piercing the corporate veil

14. Who signs Report for internal contro?
interference with employment or livelihood of the informant
E.g. The Management of General Electric Company is responsible for establishing and maintaining adequate internal control over financial reporting for this company With particaipation of the CEO and the CFO.
dividend
Set of procedures for authorizing and recording liabilities and cash payments. It may be either manual or computerized.

15. Types of proceedings protected under SOX?
quorum
Investigations - Legal proceedings
shareholder voting agreement
public companies

16. Public company
Any company that has a class of securities registered with the Securities and Exchange Commission (SEC) under 15 U.S.C.
The SEC regulations do not require companies to follow particular procedures for taking employee complaints (such as setting up an ethics hotline or a Web-based complaint system)
right of first refusal
voting trust

17. The employee must file a notice with the administrative law judge assigned to the original complaint __ days before filing the lawsuit.
stock dividend
15
E.g. The Management of General Electric Company is responsible for establishing and maintaining adequate internal control over financial reporting for this company With particaipation of the CEO and the CFO.
Cash balance according to bank statement - Add deposit not recorded by bank (outstanding deposit) - Deduct outstanding checks (+/- Errors) - Adjusted Balance - Cash balance according to company - Add note and interest collected by bank - Deduct servi

18. The Board can either adopt the judge's decision as its own or __ the case itself
review
There is no avenue for employee complains regarding a public company's failure to adopt an appropriate system for confidential employee complaints. This provision is enforced by the SEC only.
quorum
personal liability

19. A distribution of profits of the corporation to shareholders
They can have their stocks delisted by the national securities exchange and associations
An employee who wishes to bring a lawsuit claiming that he or she was discriminated or retaliated against in violation of SOX's whistleblower protections must first file a complaint with the Occupational Safety and Health Administration (OSHA) within
SEC - PCAOB - FASB - IASB - AICPA - CPA - IFRS - GAAP - GAO - CRARA - PSLRA - FINRA - FCPA - OSHA - ERISA - FSG
dividend

20. What about an employee whose complaint is based on a feeling or hunch - in the absence of any evidence?
They are not protected
officer
Any officer - contractor - subcontractor - agent - or employee of a company
inside director

21. What new employee right was created by SOX?
Creates employee whistleblower protections: Employees who complain of - or provide information about - actions they believe to be shareholder fraud are protected from discrimination and retaliation. The law also obligates covered companies to create
Cash balance according to bank statement - Add deposit not recorded by bank (outstanding deposit) - Deduct outstanding checks (+/- Errors) - Adjusted Balance - Cash balance according to company - Add note and interest collected by bank - Deduct servi
duty of obedience
A committee of members of the board of directors of a public company - formed to oversee the company's audits and accounting and financial reporting processes. Has a number of legal obligations under SOX. If a public company does not establish a sepa

22. SOC record keeping requirements
The employee can file a lawsuit in federal district court
special shareholders' meetings
20
The financial safeguards imposed by SOX include numerous reporting requirements - but there are no reporting requirements associated solely with its whistleblower provisions - The National securities exchanges and commissions may require public compa

23. A panel of decision makers who are elected by the shareholders
piercing the corporate veil
all employees who work for public companies as long as they qualify as a whistleblower
dividend
board of directors

24. Elements of Internal Control
terms - conditions
petition - Administrative Review Board - 10
There is no avenue for employee complains regarding a public company's failure to adopt an appropriate system for confidential employee complaints. This provision is enforced by the SEC only.
Control environment - Risk assessment - Control procedures - Monitoring - Information and communication

25. An agreement that requires a selling shareholder to offer his or her shares for sale to the other parties to the agreement before selling them to anyone else
Cash Register
Make a complaint to specific groups or people about certain types of misconduct - Participate in certain types of proceedings relating to shareholding misconduct
business judgment rule
right of first refusal

26. The required number of share that must be represented in person or by proxy to hold a shareholders' meeting - the RMBCA establishes a majority of outstanding share as this term
quorum
If the company or person named can show by clear and convincing evidence that it would have taken the same action against the employee even in the absence of the employees protected activity
record date
The person or company must present it's evidence within 20 days after it receives the complaint

27. Bank accounts
An employee who wishes to bring a lawsuit claiming that he or she was discriminated or retaliated against in violation of SOX's whistleblower protections must first file a complaint with the Occupational Safety and Health Administration (OSHA) within
all employees who work for public companies as long as they qualify as a whistleblower
If they provide information to be provided to - or assists in an investigation conducted by: A federal regulatory or law enforcement agency (such as the SEC) - A member of committee of Congress - A person who either has supervisory authority over the
Help control cash by reduicng the amount of cash on hand and facilitating the transfer of cash between businesses and locations

28. If a hearing is requested - it will be held before an __ who will issue a __ and __.
inside director
record date
administrative law judge - decision - order
The SEC regulations do not require companies to follow particular procedures for taking employee complaints (such as setting up an ethics hotline or a Web-based complaint system)

29. Objectives of Internal Control
The employee engaged in protected activity - The person accused of retaliation knew of the activity - The employee suffered an adverse employment action - The circumstances create an inference that the adverse employment action was due to the employe
Assets are Safeguarded and used for business purposes - Business information is Accurate - Employees comply with Laws and Regulations
Any company that has a class of securities registered with the Securities and Exchange Commission (SEC) under 15 U.S.C.
termination - demotion - suspension - threats - harassment

30. Usurping of corporate opportunity

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31. A duty that directors and officers have not to act adversely to the interests of the corporation and to subordinate their personal interests to those of the corporation and its shareholders
duty of loyalty
They can have their stocks delisted by the national securities exchange and associations
special shareholders' meetings
Help control cash by reduicng the amount of cash on hand and facilitating the transfer of cash between businesses and locations

32. SOX creates __ for company representatives.
personal liability
buy-and-sell agreement
The employee only needed to show that he or she had a reasonable belief that the conduct constituted fraud
piercing the corporate veil

33. A system in which each shareholder votes the number of share he or she own on candidates for each of the positions open - also called noncumulative voting
personal liability
straight voting
record date
The requirement that public companies create procedures for anonymous employee complaints is enforced by the SEC. The SEC has issued rules requiring the national securities exchanges and associations to delist the stock of companies that fail to comp

34. What are the conditions under which OSHA will investigate individual complaints?
The employee engaged in protected activity - The person accused of retaliation knew of the activity - The employee suffered an adverse employment action - The circumstances create an inference that the adverse employment action was due to the employe
duty of loyalty
officer
petition - Administrative Review Board - 10

35. If OSHA does not issue a final decision on the employee's complaint within 180 days after the complaint is filed - the employee can do what?
Anyone who intentionally harms someone else for providing truthful information to a law enforcement officer relating to the commission of any federal offense faces up to ten years in prison
Analysis of the items and amounts that cause the cash balance reported in the bank statement to differ from the balance of the cash account in the ledger in order to determine the adjusted cash balance.
preemptive rights
The employee can file a lawsuit in federal district court

36. The penalties that may be imposed under SOX.
shareholder voting agreement
Control environment - Risk assessment - Control procedures - Monitoring - Information and communication
Creates employee whistleblower protections: Employees who complain of - or provide information about - actions they believe to be shareholder fraud are protected from discrimination and retaliation. The law also obligates covered companies to create
Reinstate the worker to the same position - with the same benefits - responsibilities - and seniority - that the worker would have had absent the retaliation - Pay worker all the compensation and benefits lost as a result of the retaliation with inte

37. A date specified in corporate bylaws that determines whether a shareholder may vote at a shareholders' meeting
record date
dividend
Any officer - contractor - subcontractor - agent - or employee of a company
special shareholders' meetings

38. The criminal provision could apply to anyone who ____________ - whether or not the perpetrator works for or has any association with a public company
retaliates against a whistleblower
Assets are Safeguarded and used for business purposes - Business information is Accurate - Employees comply with Laws and Regulations
Applies only to companies whose stock is traded on public exchanges. Its purpose is to restore public confidence and trust in the financial statements of companies.
voting trust

39. To be protected by sox an employee must do one of what activities?
piercing the corporate veil
annual report
Make a complaint to specific groups or people about certain types of misconduct - Participate in certain types of proceedings relating to shareholding misconduct
Any company that has a class of securities registered with the Securities and Exchange Commission (SEC) under 15 U.S.C.

40. Public companies and company representatives are not permitted to retaliate against an employee in the __ or __ of his/her employment because the employee provided information - participated in an investigation - or participated in a proceeding relat
Sarbanes-Oxley
right of first refusal
The SEC regulations do not require companies to follow particular procedures for taking employee complaints (such as setting up an ethics hotline or a Web-based complaint system)
terms - conditions

41. Employees of a corporation who are appointed by the board of directors to manage the day-to-day operations of the corporation
officer
board of directors
personal liability
terms - conditions

42. Either party may request a review of the judge's decision by filing a __ with the __ within __ days after the date on the judge's order
60
public companies
inside director
petition - Administrative Review Board - 10

43. SOX (or SARBOX)
The employer has 20 days to respond to an employee's complaint to OSHA - The employer has 30 days to object to the administrative law judge's findings and request a hearing - The employer has 60 days to appeal the board's decision to the U.S. Court o
Sarbanes-Oxley
duty of obedience
An employee who wishes to bring a lawsuit claiming that he or she was discriminated or retaliated against in violation of SOX's whistleblower protections must first file a complaint with the Occupational Safety and Health Administration (OSHA) within

44. A requirement that a greater than majority of shares constitutes a quorum of the vote of the shareholders
The requirement that public companies create procedures for anonymous employee complaints is enforced by the SEC. The SEC has issued rules requiring the national securities exchanges and associations to delist the stock of companies that fail to comp
supramajority voting requirement
20
The employee can file a lawsuit in federal district court

45. Sox important Organizations that you must know
derivative lawsuit
An employee who wishes to bring a lawsuit claiming that he or she was discriminated or retaliated against in violation of SOX's whistleblower protections must first file a complaint with the Occupational Safety and Health Administration (OSHA) within
SEC - PCAOB - FASB - IASB - AICPA - CPA - IFRS - GAAP - GAO - CRARA - PSLRA - FINRA - FCPA - OSHA - ERISA - FSG
Petty Cash Fund or travel funds are used by businesses to meet specific needs. Cashing a check for the amount of cash needed

46. Sarbanes-Oxley Act of 2002
special shareholders' meetings
They are not protected
officer
Applies only to companies whose stock is traded on public exchanges. Its purpose is to restore public confidence and trust in the financial statements of companies.

47. Audit committee

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48. A member of the board of directors who is also an officer of the corporation
Any company that has a class of securities registered with the Securities and Exchange Commission (SEC) under 15 U.S.C.
inside director
all employees who work for public companies as long as they qualify as a whistleblower
Help control cash by reduicng the amount of cash on hand and facilitating the transfer of cash between businesses and locations

49. Even if the employee provides evidence of individual complaints - OSHA will not investigate under what condition?
Creates employee whistleblower protections: Employees who complain of - or provide information about - actions they believe to be shareholder fraud are protected from discrimination and retaliation. The law also obligates covered companies to create
duty of loyalty
If the company or person named can show by clear and convincing evidence that it would have taken the same action against the employee even in the absence of the employees protected activity
An employee who wishes to bring a lawsuit claiming that he or she was discriminated or retaliated against in violation of SOX's whistleblower protections must first file a complaint with the Occupational Safety and Health Administration (OSHA) within

50. A written document that a shareholder signs - authorizing another person to vote his or her shares at the shareholders' meetings in the event of the shareholder's absence
The employee must also serve this notice on the other parties to the dispute (the employer and any other companies or individuals whom the employee accuses of retaliation)
The requirement that public companies create procedures for anonymous employee complaints is enforced by the SEC. The SEC has issued rules requiring the national securities exchanges and associations to delist the stock of companies that fail to comp
dividend
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Sarbanes Oxley Act: SOX Corporate Governance

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