The new whistleblower rules are presented in this brief along with key action steps that management and board of directors should consider in response.
Directors today must be prepared for the glare of media attention that can throw them into the “fishbowl” and must take steps now to minimize the damage to their reputations and those of their companies.
The audit committee of a government unit plays a very important role. An audit committee established by a governmental unit offers the same strategic benefits that an audit committee offers to a publically traded company. Like a publically traded company that is accountable to its stockholders, a government unit is accountable to the taxpayers and the individuals and companies that use its services.
An SEC study of Section 404(b) of the Sarbanes-Oxley Act (Study) recommends no new exemptions to the requirements.