Sarbanes Oxley Whistleblower, SOX Sarbanes Oxley Act, Sarbane Oxley Compliance

Sarbanes Oxley Whistleblower

Sarbanes Oxley Act has taken steps to ensure the anonymity of the whistleblower of a corporate scandal. With many of the recent corporate scandals, the whistleblower has lost their job and professional reputation for standing up for the "good" of the company and acting in an ethical manner.

The Sarbanes Oxley Act is working towards a reputable and anonymous circumstances for any Sarbanes Oxley whistleblower's accusations to be investigated and taken care of while ensuring the whistleblowers protection against discrimination, job loss, demotion and other wise harassment.

Section 302 of Sarbanes Oxley Act explains: "Each audit committee shall establish procedures for the confidential, anonymous submission by employees of the issuer of concerns regarding questionable accounting or auditing matters." It is also stated that retaliation against a whistleblower (if found out), will not be tolerated among the Sarbanes Oxley committee.

Internal Control boards are usually the place for a whistleblower to submit their concerns and questions regarding the financial reporting and Sarbanes Oxley issues. However, it has been determined that this may not be in the best interest of the whistle blower, as the internal control committee may have close relations with the daily duties of company employees and the whistleblowers identity may be found out.

It is encouraged for companies to have an external control board that is separate from daily activities so that an employee may make claims and ask questions solely based on the information, without any identity. Whether the control board is within or external, the Sarbanes Oxley whistleblower will be protected against discrimination based upon the acts definition and safeguards.

Overall, it is important for each company to understand the guidelines of Sarbanes Oxley including its whistleblower policy. Because of the severe nature of whistleblower allegations, it is imperative that a company understand not only the rules of the act but also the implications of dealing with a whistleblower if fraud is detected by an inside employee. Also, it is in the best interest of the company to fully understand what pitfalls may come with non-compliance and whistleblower discrimination. Both can be detrimental to any profitable company.

Comments page 0 of 0

Click here to add a comment

There are currently 0 comments to display.

Weston, Kettering, Grove City, Inkster, Stafford, Rhode_Island, Oviedo, South Plainfield, Carrboro, Lincoln, Boise City, South Elgin, Pittsfield, Machesney Park, Indiana, Kissimmee, Tigard, Tupelo, De Pere, Fostoria, Morrisville, Michigan, Euless, Bothell, Lemon Grove, Homestead, Mayfield Heights, Columbus, Woodbury, Hartford, Delaware, Hillsborough, Paterson, Calexico, Tullahoma, Attleboro, Lebanon, Oklahoma, Mequon, Erie, Hallandale Beach, Camden, Quincy, New Jersey, Temple City, Corona, Vermont, St. Cloud, Friendswood, Kansas City, Zachary, Englewood, Fredericksburg, Morgan City, Alhambra, North Canton, Conway, Maryland, Van Buren, North Richland Hills, Olympia, Appleton, Beloit, Visalia, Ohio, Greenville, Lindenhurst, New Kensington, Pine Hill, Connecticut, Lawrence, Duncan, Palm Springs, LaGrange

GO PUBLIC - The Importance of Sound Financial Planning When Becoming a Public Company

By Lucy Carpenter
When the governing officers or senior leadership of a company wishes to initiate a new strategic direction or offer a new service or product line, they first - typically - will evaluate whether the company has the available resources (labour and infrastructure bandwidth, capital and equity, cash flow) to implement and sustain the new direction. This analysis might include such market tactics as how risk and earnings contributions are allocated amongst subsidiaries, or country locations; acceptable tolerance for non-producing product lines or economic circumstances; and above all.
[READ FULL ARTICLE]

Offsite Data Backup Services

By Joel L Reyes
Data management is crucial to any business enterprise in the present environment when all the transactions are done through computers and the Internet. Loss of vital data about clients, vendors, employees, and suppliers might be disastrous to the business and might even lead to a total collapse of the company. As such, file backup is one of the most important processes in running any organization at present.
[READ FULL ARTICLE]

Sarbanes Oxley And Internal Audit

By Alexander Gordon
Companies listed in the NYSE had to get an internal audit department ready before 31 October making sure the new audit heads could evaluate the scope of their departments work, as well as how to comply with the new Sarbanes Oxley laws.
[READ FULL ARTICLE]

PCI DSS Compliance - Be in Control in Four Moves

By Mark Kedgley
The security standard calls for a broad range of security measures, but beyond the use of firewalling, intrusion protection systems and anti-virus software, the understanding of the requirements and responsibilities of the merchant are very often poorly understood. This guide simplifies the scope of the balance of PCI DSS measures to just four areas. - File Integrity monitoring - Event Log centralization - Security Vulnerability scanning for device hardening - Change Management process Understanding and implementing measures to address these four areas will make any QSA happy and get you compliant - and keep you compliant...
[READ FULL ARTICLE]