Corporate Rights, Responsibilities, and Authority

Question 1

Dodd Frank mandatory awards

Answer 1

If sanctions imposed are more than $1,000,000, award is between 10% and 30% of sanction imposed

Question 2

SOX provision that makes it a crime to retaliate against a whistleblower relates to:

Answer 2

Whistleblowing regarding commission of ANY federal offense.

Question 3

What is an audit committee financial expert (SOX 2002)

Answer 3

Financial expert who has acquired through education and experience:

1. An understanding of GAAP and FS;
2. Experience in preparation of FS and application of such principles in connection w accounting estimates, accruals, and reserves;
3. Experience w internal controls;
4. Understanding how audit committee functions