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 SOX Checklist / Test
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SOX Checklist / Compliance Test

Take 2 minutes to score yourself by clicking on the number that represents your company's current status for each of the 15 following questions.

Scoring values

(0) Not addressed   (1) Reviewing/planning   (2) Implementation in process   (3) Implemented

 1. Has the Audit Committee established communication procedures that guarantee safe, secure and anonymous communications with employees? 
0123
 2. Are these communication procedures designed to minimize risk to the Audit Committee and company at all times by SOX compliance experts? 
0123
 3. Has the Audit Committee established record retention procedures that safeguard the receipt and treatment of employee reports of fraud? 
0123
 4. Have you defined disclosure controls for financial reporting?     
0123
 5. Have your disclosure controls been assessed by management and independent auditors? 
0123
 6. Has a code of ethics established for the financial function and financial officers been put into place? 
0123
 7. Is the Audit Committee entirely comprised of independent directors with none receiving any compensation from the company except for Board and Committee service fees? 
0123
 8. Do your independent auditors report directly to the Audit Committee? 
0123
 9. Does the Audit Committee sign the engagement letter for the independent auditors? 
0123
 10. Is there at least one (1) "Financial Expert" on the Audit Committee? (The rules state that a financial expert fully understands financial statements, accounting principles and controls and has been involved in the preparation of financial statements). 
0123
 11. Are off balance sheet entities such as "SPEs" - Special Purpose Entities and material quarterly reserve adjustments - fully disclosed? 
0123
 12. Are company quarterly and annual reports signed by the CEO and the CFO? 
0123
 13. Are insider stock transactions reported within two (2) business days? 
0123
 14. Are loans to Executives strictly limited to the type the company makes to its customers - e.g. credit card balances to credit card issuing business? 
0123
 15. Are all frauds - whether material or not material - reported to the Audit Committee? 
0123



       

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