SOX: Title 4 Flashcards
1
Q
What are off the balance sheet transaction? Are there rules for issuing pro forma figures?
A
Contingencies, Patents, & Leases.
Yes there are.
2
Q
What are the rules regarding conflicts of interests? Are there any exceptions?
A
Can’t give CEO a loan unless your in the business of giving loans
3
Q
What kind of disclosures must the corporation make? For whom? In what time period?
A
equity/ownership statements.
For for directors, officers and principal stockholders
Within 10 days after. ( 10% & 10 days).
4
Q
What is the effect of § 404? How do we enforce this?
A
Must maintain adequate internal controls.
Muste have a report every fiscal year to determine the effectiveness of the internal controls
5
Q
Do corporations have to have a code of ethics?
A
yes and no
