© D.L. Crumbley
Hot Lines – Sarbanes-Oxley
Audit Committee (AC) must provide a mechanism for employees to remain anonymous when reporting concerns about accounting and auditing problems.
AC must provide a process for the receipt, retention, and treatment of complaints regarding accounting problems (Section 301, S-O).
Annual report must contain a statement regarding the effectiveness of internal controls.
Employees have the right to sue companies for whistle-blowing retaliation.
Managers found guilty of retaliation face penalties, including up to 10 years in prison.