Comments on: What would be good questions for sarbanes-oxley act? http://compliancesarbanesoxley.com/sarbanes-oxley/what-would-be-good-questions-for-sarbanes-oxley-act Compliance Sarbanes Oxley, A Resource Guide for New and Established Businesses Requiring Sarbanes Oxley Compliance Sat, 04 Sep 2010 06:30:59 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Bronzebeardanswerer http://compliancesarbanesoxley.com/sarbanes-oxley/what-would-be-good-questions-for-sarbanes-oxley-act/comment-page-1#comment-154 Bronzebeardanswerer Sat, 13 Feb 2010 21:12:59 +0000 http://compliancesarbanesoxley.com/sarbanes-oxley/what-would-be-good-questions-for-sarbanes-oxley-act#comment-154 Do you mean questions with right or wrong answers or policy level questions? A fact pattern with right or wrong answers: Company X is 12 months away from filing its initial registration statement to get listed. It wishes to list on the NYSE. A family run business, Company X currently has a board consisting of Professor X, the company's founder, Psylocke, his wife and co-founder, Magneto, the company's brother and an attorney at the law firm that Company X uses and Cyclops, the CEO of the company. Company X's major charitable recipient is Professor X's School for the Gifted, a non-profit secretive school for the specially abled in Connectivut. Cyclops in addition has a $1,000,000 loan from the company for the purchase of specialty eye wear. Their current CFO is Cycloo's ex-wife, Jean Grey, who used to be their outside lead auditor for the Phoenix Consulting Firm, who provides both auditing and IT security services for Company X. As the new consultants for Company X, you have been asked by Marvel Bank, their selected underwriters, to help prepare them for becoming public. What would you recommend in terms of board, finances and affiliate relationships and what disclosures will be necessary and when? Policy level questions: In recent months several commentators have pointed at the increased number of listings in the London Stock Exchange as evidence that SOX has made the US capital markets overly regulated and makes the country less financially competitive when it comes to the highly lucrative business of listing companies. In addition, a number of small public companies have argued that the 404 certification requirements of the act add undue cost to their small internal compliance budgets. What are your thoughts on those criticisms and what, if anything, would you recommend be changed?<br><b>References : </b><br> Do you mean questions with right or wrong answers or policy level questions?

A fact pattern with right or wrong answers:

Company X is 12 months away from filing its initial registration statement to get listed. It wishes to list on the NYSE. A family run business, Company X currently has a board consisting of Professor X, the company’s founder, Psylocke, his wife and co-founder, Magneto, the company’s brother and an attorney at the law firm that Company X uses and Cyclops, the CEO of the company. Company X’s major charitable recipient is Professor X’s School for the Gifted, a non-profit secretive school for the specially abled in Connectivut. Cyclops in addition has a $1,000,000 loan from the company for the purchase of specialty eye wear. Their current CFO is Cycloo’s ex-wife, Jean Grey, who used to be their outside lead auditor for the Phoenix Consulting Firm, who provides both auditing and IT security services for Company X. As the new consultants for Company X, you have been asked by Marvel Bank, their selected underwriters, to help prepare them for becoming public. What would you recommend in terms of board, finances and affiliate relationships and what disclosures will be necessary and when?

Policy level questions:

In recent months several commentators have pointed at the increased number of listings in the London Stock Exchange as evidence that SOX has made the US capital markets overly regulated and makes the country less financially competitive when it comes to the highly lucrative business of listing companies. In addition, a number of small public companies have argued that the 404 certification requirements of the act add undue cost to their small internal compliance budgets. What are your thoughts on those criticisms and what, if anything, would you recommend be changed?
References :

]]> By: barthebear http://compliancesarbanesoxley.com/sarbanes-oxley/what-would-be-good-questions-for-sarbanes-oxley-act/comment-page-1#comment-153 barthebear Sat, 13 Feb 2010 20:46:59 +0000 http://compliancesarbanesoxley.com/sarbanes-oxley/what-would-be-good-questions-for-sarbanes-oxley-act#comment-153 If a contractor or vendor working with your company asks you to lunch, do you have to pay for your own lunch?<br><b>References : </b><br> If a contractor or vendor working with your company asks you to lunch, do you have to pay for your own lunch?
References :

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