Global Atlantic Partners | Governance Special

How Good is Your Governance? Test Yourself
In accordance with the Sarbanes/Oxley Act of July 2002 . . .		Yes	No
1.	Loans are now prohibited to Directors and Officers.
2.	Adoption of a Code of Ethics is now a requirement.
3.	The CEO and CFO are required to certify to the accuracy of quarterly and year end financial statements.
4.	They are also required to attest to the existence of adequate internal controls.
5.	Members of your Board of Directors must be predominantly "outsiders", i.e., no relationship to the company.
6.	One member of your Audit Committee must qualify as a "financial expert."
7.	Your external auditors can no longer provide consulting services to an audit client (no more systems development, procedures recommendation, or internal audit services).
8.	There must exist a formal procedure for handling "whistleblower" complaints.
9.	There are significant penalties for non-compliance to these new regulations.
10.	Some states have passed or have pending legislation which have proposed even TOUGHER requirements for businesses.