Sarbanes-Oxley Reporting
Under Section 301 of the Sarbanes-Oxley Act, audit committees are mandated
to establish procedures for receipt of complaints by employees and for the
confidential submission of the complaint by employees.
COMPLAINTS - Each audit committee shall establish procedures for-
- the receipt, retention, and treatment of complaints received by the
issuer regarding accounting, internal accounting controls, or auditing
matters; and
- the confidential, anonymous submission by employees of the issuer
of concerns regarding questionable accounting or auditing matters.
Publicly traded corporations are reminded that anonymous reporting toll-free
numbers are considered "best practice" to meet the Act's requirement for
confidential reporting or "whistleblowing". Lighthouse provides toll-free
services to employees as a means of anonymously reporting 24 hours a day,
365 days a year, in confidence, a broad array of issues and ethical concerns.
Our service is a proven and cost effective way of gaining feedback from
your employees regarding perceived misconduct or wrongful behavior. A written
report of every call is forwarded to the company's designee, usually the
audit committee chairman, or other individual, for appropriate action to
resolve the problem.
Although the Act only applies to publicly traded companies, these new standards
are likely to become "best practices" for all organizations, regardless
of their capitalization.
Please click here for information on the
Sarbanes-Oxley Act.
Lighthouse will illuminate where you can't...let us listen to your employees.
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