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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. The company or person must present evidence within __ days after receiving notice of the complaint.
20
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
shareholder voting agreement
A control for cash recevied throught the mail

2. The criminal provision could apply to anyone who ____________ - whether or not the perpetrator works for or has any association with a public company
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
retaliates against a whistleblower
all employees who work for public companies as long as they qualify as a whistleblower
annual report

3. Employees of a corporation who are appointed by the board of directors to manage the day-to-day operations of the corporation
Investigations - Legal proceedings
They can have their stocks delisted by the national securities exchange and associations
officer
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

4. What procedures must the audit committee of a public company establish?
60
The person or company must present it's evidence within 20 days after it receives the complaint
Receiving - keeping - and handling complaints the company receives regarding its accounting - auditing - or internal accounting controls Allowing employees to submit confidential - anonymous complaints and concerns about questionable accounting or
all employees who work for public companies as long as they qualify as a whistleblower

5. A report provided to shareholders that contains a balance sheet - an income statement - and a statement of changes in shareholder equity
annual report
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
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
Sarbanes-Oxley Act

6. Examples of complaints found not to be covered under SOX
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
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)
outside director
personal liability

7. SOC record keeping requirements
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
fiduciary duties
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
quorum

8. What employees are protected under SOX?
all employees who work for public companies as long as they qualify as a whistleblower
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
petition - Administrative Review Board - 10
personal liability

9. The SEC regulations to not require companies to follow what?
duty of loyalty
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
board of directors
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)

10. SOX (or SARBOX)
Sarbanes-Oxley
annual shareholders' meeting
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)
petition - Administrative Review Board - 10

11. Under what conditions may an employee claim protection of SOX?
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
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 care
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

12. What is the stated purpose of SOX?
Receiving - keeping - and handling complaints the company receives regarding its accounting - auditing - or internal accounting controls Allowing employees to submit confidential - anonymous complaints and concerns about questionable accounting or
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
Allows a business to reconcile the cash transactions recorded
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

13. What are the conditions under which OSHA will investigate individual complaints?
annual report
A control for cash recevied throught the mail
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
60

14. Audit committee

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15. Company representative
A control for cash recevied throught the mail
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
Any officer - contractor - subcontractor - agent - or employee of a company
proxy

16. What is required to qualify as a protected whistleblower
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
Sarbanes-Oxley
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
15

17. 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
Help control cash by reduicng the amount of cash on hand and facilitating the transfer of cash between businesses and locations
buy-and-sell agreement
The employee can file a lawsuit in federal district court
15

18. Usurping of corporate opportunity

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19. The penalties that may be imposed under SOX.
Petty Cash Fund or travel funds are used by businesses to meet specific needs. Cashing a check for the amount of cash needed
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
opportunity was presented to the director/officer in his or her corporate capacity - opportunity is related to or connected with teh corporation's current or propsed business - corporation has the financial ability to take advantage of the opportunit
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

20. Special-purpose cash funds
Petty Cash Fund or travel funds are used by businesses to meet specific needs. Cashing a check for the amount of cash needed
Investigations - Legal proceedings
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)
A control for cash recevied throught the mail

21. A panel of decision makers who are elected by the shareholders
board of directors
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
Control environment - Risk assessment - Control procedures - Monitoring - Information and communication
review

22. Voucher
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
officer
record date
Any document that serves as proof of authority to pay cash or issue an electronic funds transfer.

23. What is one of the most important controls to protect cash received in over-the-counter sales?
Cash Register
duty of care
record date
Any officer - contractor - subcontractor - agent - or employee of a company

24. A member of the board of directors who is also an officer of the corporation
inside director
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)
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
public companies

25. 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
terms - conditions
record date
petition - Administrative Review Board - 10
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)

26. The employee must also service the notice on whom?
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
Sarbanes-Oxley Act
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
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)

27. 'The employee's claim of shareholder fraud does not have to be correct.'
Cash Register
duty of loyalty
right of first refusal
The employee only needed to show that he or she had a reasonable belief that the conduct constituted fraud

28. 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
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)
piercing the corporate veil
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
supramajority voting requirement

29. A duty that directors and officers of a corporation have to act within the authority conferred upon them by state corporation codes - the articles of incorporation - the corporate bylaws - and the resolutions adopted by the board of directors
right of first refusal
duty of obedience
interference with employment or livelihood of the informant
board of directors

30. Example of whistle blowing activities that DOL has found to be covered under SOX.
review
SEC - PCAOB - FASB - IASB - AICPA - CPA - IFRS - GAAP - GAO - CRARA - PSLRA - FINRA - FCPA - OSHA - ERISA - FSG
They can have their stocks delisted by the national securities exchange and associations
Providing information about conduct he or she reasonably believes violates the federal laws - SEC regulations - or federal laws against shareholder fraud

31. A date specified in corporate bylaws that determines whether a shareholder may vote at a shareholders' meeting
preemptive rights
record date
Any officer - contractor - subcontractor - agent - or employee of a company
Help control cash by reduicng the amount of cash on hand and facilitating the transfer of cash between businesses and locations

32. Voucher System
annual shareholders' meeting
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)
They can have their stocks delisted by the national securities exchange and associations
Set of procedures for authorizing and recording liabilities and cash payments. It may be either manual or computerized.

33. 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
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
shareholder voting agreement
dividend
cumulative voting

34. 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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35. Additional shares of stock distributed as a dividend
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
stock dividend
termination - demotion - suspension - threats - harassment
Assets are Safeguarded and used for business purposes - Business information is Accurate - Employees comply with Laws and Regulations

36. SOX generally only applies to __ - however - it's whistleblower provision also applies to company representatives.
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.
They can have their stocks delisted by the national securities exchange and associations
The person or company must present it's evidence within 20 days after it receives the complaint
public companies

37. What about an employee whose complaint is based on a feeling or hunch - in the absence of any evidence?
straight voting
They are not protected
duty of obedience
Allows a business to reconcile the cash transactions recorded

38. 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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39. Sarbanes-Oxley Act of 2002
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.
quorum
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
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

40. The criminal provision of SOX
retaliates against a whistleblower
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
officer
Investigations - Legal proceedings

41. Public company
Any company that has a class of securities registered with the Securities and Exchange Commission (SEC) under 15 U.S.C.
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
proxy
The person or company must present it's evidence within 20 days after it receives the complaint

42. Who signs Report for internal contro?
derivative lawsuit
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
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.
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.

43. A rule that says directors and officers are not liable to the corporation or its shareholders for honest mistakes of judgment
personal liability
officer
business judgment rule
voting trust

44. Either party may object to these findings and request a hearing within __ days after receiving the finding and order.
30
officer
60
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

45. If OSHA investigates - it will issue findings and a preliminary order within __ days after the complaint is filed.
60
Providing information about conduct he or she reasonably believes violates the federal laws - SEC regulations - or federal laws against shareholder fraud
annual shareholders' meeting
Any officer - contractor - subcontractor - agent - or employee of a company

46. 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
Investigations - Legal proceedings
They can have their stocks delisted by the national securities exchange and associations
quorum
terms - conditions

47. 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
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
officer
Assets are Safeguarded and used for business purposes - Business information is Accurate - Employees comply with Laws and Regulations

48. Even if the employee provides evidence of individual complaints - OSHA will not investigate under what condition?
Sarbanes-Oxley
review
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
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

49. A lawsuit a shareholder brings against an offending party on behalf of a corporation when the corporation fails to bring the lawsuit
They can have their stocks delisted by the national securities exchange and associations
officer
termination - demotion - suspension - threats - harassment
derivative lawsuit

50. A distribution of profits of the corporation to shareholders
dividend
Make a complaint to specific groups or people about certain types of misconduct - Participate in certain types of proceedings relating to shareholding misconduct
officer
special shareholders' meetings

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Sarbanes Oxley Act: SOX Corporate Governance

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