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Sarbanes Oxley Act: SOX Corporate Governance

Instructions:
  • Answer 50 questions in 15 minutes.
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  • 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. SOX generally only applies to __ - however - it's whistleblower provision also applies to company representatives.






2. The penalties that may be imposed under SOX.






3. 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






4. Personal liability provision






5. SOX (or SARBOX)






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






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






8. What employees are protected under SOX?






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






10. Voucher System






11. What is the stated purpose of SOX?






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






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






14. Bank reconcilation






15. 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






16. Bank statement






17. Company representative






18. A requirement that a greater than majority of shares constitutes a quorum of the vote of the shareholders






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






20. Bank accounts






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






22. 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






23. The criminal provision could apply to anyone who ____________ - whether or not the perpetrator works for or has any association with a public company






24. Bank reconcilation steps






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






26. Usurping of corporate opportunity

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27. The criminal provision of SOX






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






29. Sarbanes-Oxley Act of 2002






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






32. Voucher






33. Types of proceedings protected under SOX?






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

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35. Elements of Internal Control






36. Why did Congress pass SOX?






37. Remittance Advice






38. The SEC regulations to not require companies to follow what?






39. A member of the board of directors who is also an officer of the corporation






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






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






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






43. A date specified in corporate bylaws that determines whether a shareholder may vote at a shareholders' meeting






44. How does this Act define 'harm'?






45. 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






46. SOX deadlines

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47. Audit committee

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48. What new employee right was created by SOX?






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






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







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