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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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1. Sox important Organizations that you must know
SEC - PCAOB - FASB - IASB - AICPA - CPA - IFRS - GAAP - GAO - CRARA - PSLRA - FINRA - FCPA - OSHA - ERISA - FSG
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
petition - Administrative Review Board - 10
preemptive rights

2. The criminal provision of SOX
20
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
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 Act

3. 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
duty of care
buy-and-sell agreement
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)
record date

4. Failure of a corporate director or officer to exercise the duty of care while conducting the corporation's business
Cash Register
negligence
They can have their stocks delisted by the national securities exchange and associations
petition - Administrative Review Board - 10

5. '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
SEC - PCAOB - FASB - IASB - AICPA - CPA - IFRS - GAAP - GAO - CRARA - PSLRA - FINRA - FCPA - OSHA - ERISA - FSG
stock dividend
annual report

6. The number of directors necessary to hold a board meeting or transact business of the board
quorum
negligence
15
Providing information about conduct he or she reasonably believes violates the federal laws - SEC regulations - or federal laws against shareholder fraud

7. 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?
The employee can file a lawsuit in federal district court
terms - conditions
duty of care
60

8. SOX states that __ - __ - __ - __ and __ all constitute retaliation.
cumulative voting
termination - demotion - suspension - threats - harassment
SEC - PCAOB - FASB - IASB - AICPA - CPA - IFRS - GAAP - GAO - CRARA - PSLRA - FINRA - FCPA - OSHA - ERISA - FSG
They are not protected

9. Why did Congress pass SOX?
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
Any document that serves as proof of authority to pay cash or issue an electronic funds transfer.
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
In the wake of corporate scandals involving WorldCom - Enron - and other large companies accused of defrauding shareholders

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

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11. 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
petition - Administrative Review Board - 10
board of directors
shareholder voting agreement
They are not protected

12. An agreement between two or more shareholders that stipulates how they will vote their shares
record date
piercing the corporate veil
shareholder voting agreement
officer

13. Employees of a corporation who are appointed by the board of directors to manage the day-to-day operations of the corporation
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
officer
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 Register

14. Public company
all employees who work for public companies as long as they qualify as a whistleblower
violation of a director's or officer's duty of loyalty. if proven - corporation can (1) acquire opportunity from director/officer and (2) recover any profits made by the director/officer
Any company that has a class of securities registered with the Securities and Exchange Commission (SEC) under 15 U.S.C.
outside director

15. What new employee right was created by SOX?
business judgment rule
annual shareholders' meeting
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
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

16. A system in which a shareholder can accumulate all of his or her votes and vote them all for one candidate or split them among several candidates
cumulative voting
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)
derivative lawsuit
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

17. A lawsuit a shareholder brings against an offending party on behalf of a corporation when the corporation fails to bring the lawsuit
derivative lawsuit
terms - conditions
piercing the corporate veil
termination - demotion - suspension - threats - harassment

18. Additional shares of stock distributed as a dividend
duty of loyalty
In the wake of corporate scandals involving WorldCom - Enron - and other large companies accused of defrauding shareholders
stock dividend
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.

19. A meeting of the shareholders of a corporation that must be held by the corporation to elect directors and to vote on other matters

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20. SOC record keeping requirements
review
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
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
The person or company must present it's evidence within 20 days after it receives the complaint

21. Example of whistle blowing activities that DOL has found to be covered under SOX.
petition - Administrative Review Board - 10
Cash Register
SEC - PCAOB - FASB - IASB - AICPA - CPA - IFRS - GAAP - GAO - CRARA - PSLRA - FINRA - FCPA - OSHA - ERISA - FSG
Providing information about conduct he or she reasonably believes violates the federal laws - SEC regulations - or federal laws against shareholder fraud

22. To be protected by sox an employee must do one of what activities?
Make a complaint to specific groups or people about certain types of misconduct - Participate in certain types of proceedings relating to shareholding misconduct
Sarbanes-Oxley
termination - demotion - suspension - threats - harassment
Investigations - Legal proceedings

23. How does this Act define 'harm'?
interference with employment or livelihood of the informant
record date
Assets are Safeguarded and used for business purposes - Business information is Accurate - Employees comply with Laws and Regulations
Any officer - contractor - subcontractor - agent - or employee of a company

24. A requirement that a greater than majority of shares constitutes a quorum of the vote of the shareholders
duty of obedience
petition - Administrative Review Board - 10
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
supramajority voting requirement

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
derivative lawsuit
They can have their stocks delisted by the national securities exchange and associations
annual shareholders' meeting
right of first refusal

26. If a hearing is requested - it will be held before an __ who will issue a __ and __.
review
right of first refusal
annual shareholders' meeting
administrative law judge - decision - order

27. Rights that give existing shareholders the option of subscribing to new share being issued in proportion to their current ownership interests
preemptive rights
supramajority voting requirement
Help control cash by reduicng the amount of cash on hand and facilitating the transfer of cash between businesses and locations
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)

28. A distribution of profits of the corporation to shareholders
30
dividend
supramajority voting requirement
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

29. What is one of the most important controls to protect cash received in over-the-counter sales?
Cash Register
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.
fiduciary duties
Investigations - Legal proceedings

30. The criminal provision could apply to anyone who ____________ - whether or not the perpetrator works for or has any association with a public company
piercing the corporate veil
Assets are Safeguarded and used for business purposes - Business information is Accurate - Employees comply with Laws and Regulations
retaliates against a whistleblower
record date

31. What about an employee whose complaint is based on a feeling or hunch - in the absence of any evidence?
proxy
They are not protected
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
preemptive rights

32. Remittance Advice
A control for cash recevied throught the mail
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
Investigations - Legal proceedings
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

33. SOX creates __ for company representatives.
personal liability
They can have their stocks delisted by the national securities exchange and associations
interference with employment or livelihood of the informant
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

34. A member of a board of directors who is not an officer of the corporation
Cash Register
annual report
retaliates against a whistleblower
outside director

35. Sarbanes-Oxley Act of 2002
60
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.
board of directors
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.

36. 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
Sarbanes-Oxley Act
review
Sarbanes-Oxley
negligence

37. SOX generally only applies to __ - however - it's whistleblower provision also applies to company representatives.
The person or company must present it's evidence within 20 days after it receives the complaint
Make a complaint to specific groups or people about certain types of misconduct - Participate in certain types of proceedings relating to shareholding misconduct
public companies
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

38. 4 elements that must be proven to show usurping of corporate opportunity:

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39. A doctrine that says if a shareholder dominates a corporation and uses it for improper purposes - a court of equity can disregard the corporate entity and hold the shareholder personally liable for the corporation's debts and obligations - also calle
all employees who work for public companies as long as they qualify as a whistleblower
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
piercing the corporate veil
30

40. Voucher
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.
buy-and-sell agreement
Help control cash by reduicng the amount of cash on hand and facilitating the transfer of cash between businesses and locations
Any document that serves as proof of authority to pay cash or issue an electronic funds transfer.

41. The duties of obedience - care - and loyalty owed by directors and officers to their corporation and its shareholders
fiduciary duties
record date
Help control cash by reduicng the amount of cash on hand and facilitating the transfer of cash between businesses and locations
20

42. A panel of decision makers who are elected by the shareholders
dividend
duty of obedience
Assets are Safeguarded and used for business purposes - Business information is Accurate - Employees comply with Laws and Regulations
board of directors

43. Internal Complaint Procedures
The employee only needed to show that he or she had a reasonable belief that the conduct constituted fraud
quorum
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
voting trust

44. A report provided to shareholders that contains a balance sheet - an income statement - and a statement of changes in shareholder equity
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)
Any company that has a class of securities registered with the Securities and Exchange Commission (SEC) under 15 U.S.C.
annual report
The employee only needed to show that he or she had a reasonable belief that the conduct constituted fraud

45. What are the conditions under which OSHA will investigate individual complaints?
interference with employment or livelihood of the informant
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
retaliates against a whistleblower
derivative lawsuit

46. A duty of corporate directors and officers to use care and diligence when acting on behalf of the corporation
annual report
Any officer - contractor - subcontractor - agent - or employee of a company
duty of care
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

47. The employee must also service the notice on whom?
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)
15
Sarbanes-Oxley
right of first refusal

48. 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
terms - conditions
interference with employment or livelihood of the informant
Help control cash by reduicng the amount of cash on hand and facilitating the transfer of cash between businesses and locations
officer

49. The penalties that may be imposed under SOX.
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
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
all employees who work for public companies as long as they qualify as a whistleblower
Investigations - Legal proceedings

50. Usurping of corporate opportunity

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Sarbanes Oxley Act: SOX Corporate Governance

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