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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. The Board can either adopt the judge's decision as its own or __ the case itself






2. What provision is enforced by the SEC only?

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3. Audit committee

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4. What is the stated purpose of SOX?






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






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






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






8. Voucher System






9. What about an employee whose complaint is based on a feeling or hunch - in the absence of any evidence?






10. Company representative






11. Bank reconcilation






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






13. Sarbanes-Oxley Act of 2002






14. 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






15. A duty of corporate directors and officers to use care and diligence when acting on behalf of the corporation






16. What is required to qualify as a protected whistleblower






17. If OSHA investigates - it will issue findings and a preliminary order within __ days after the complaint is filed.






18. 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






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






20. 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






21. Objectives of Internal Control






22. 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?






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






24. 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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25. 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






26. The criminal provision of SOX






27. 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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28. Personal liability provision






29. 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






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






31. 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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32. SOC record keeping requirements






33. A distribution of profits of the corporation to shareholders






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






35. SOX (or SARBOX)






36. Why did Congress pass SOX?






37. Special-purpose cash funds






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






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






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






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






42. The employee must file a notice with the administrative law judge assigned to the original complaint __ days before filing the lawsuit.






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






44. Bank reconcilation steps






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






46. The number of directors necessary to hold a board meeting or transact business of the board






47. Remittance Advice






48. The penalties that may be imposed under SOX.






49. Who signs Report for internal contro?






50. 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