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Sarbanes Oxley Act: SOX Corporate Governance

Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

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






2. 'The employee's claim of shareholder fraud does not have to be correct.'






3. Employees wishing to bring a lawsuit claiming they were discriminated or retaliated against in violation of SOX's whistleblower protection must first do what?

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4. 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






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






6. 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






7. 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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8. A lawsuit a shareholder brings against an offending party on behalf of a corporation when the corporation fails to bring the lawsuit






9. Audit committee

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10. An agreement between two or more shareholders that stipulates how they will vote their shares






11. Internal Complaint Procedures






12. SOX creates __ for company representatives.






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

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14. The criminal provision of SOX






15. Public company






16. 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






17. What is the stated purpose of SOX?






18. Voucher System






19. Example of whistle blowing activities that DOL has found to be covered under SOX.






20. SOC record keeping requirements






21. The duties of obedience - care - and loyalty owed by directors and officers to their corporation and its shareholders






22. What provision is enforced by the SEC only?

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23. 4 elements that must be proven to show usurping of corporate opportunity:

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24. A panel of decision makers who are elected by the shareholders






25. Bank reconcilation






26. Company representative






27. 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






28. Bank reconcilation steps






29. A distribution of profits of the corporation to shareholders






30. A rule that says directors and officers are not liable to the corporation or its shareholders for honest mistakes of judgment






31. Failure of a corporate director or officer to exercise the duty of care while conducting the corporation's business






32. To be protected by sox an employee must do one of what activities?






33. If a public company fails to adopt the complaint procedures mandated by SOX what may happen?






34. Remittance Advice






35. What procedures must the audit committee of a public company establish?






36. 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






37. 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?






38. SOX (or SARBOX)






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






40. How does this Act define 'harm'?






41. What is required to qualify as a protected whistleblower






42. The employee must also service the notice on whom?






43. 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






44. Examples of complaints found not to be covered under SOX






45. Bank accounts






46. What are the conditions under which OSHA will investigate individual complaints?






47. A member of a board of directors who is not an officer of the corporation






48. What is one of the most important controls to protect cash received in over-the-counter sales?






49. The company or person must present evidence within __ days after receiving notice of the complaint.






50. SOX generally only applies to __ - however - it's whistleblower provision also applies to company representatives.