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Oracle Tips by Burleson |
Sarbanes-Oxley Act of 2002
The Sarbanes-Oxley Act (SOX) became law on
July 30, 2002 and applies to companies listed on the U.S. stock
exchanges. The Act requires the CEO and CFO to certify and be
personally liable for the accuracy of annual and quarterly financial
reports under penalty of law. In addition, they are responsible for
establishing and maintaining internal controls, and reporting on
their effectiveness. Reporting must also include:
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Significant deficiencies in the design
or operation of internal controls.
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Any fraud that involves management or
other employees integral to internal control processes.
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Any changes to internal controls.
Section 301(4) of the Sarbanes-Oxley Act
requires procedures for the collection and resolution of employee
complaints regarding financial and accounting control issues.
Complaint procedures must allow for anonymous and confidential
submissions of information.
Certain IT employees may have knowledge of
financial information and procedures in the course of their job
responsibilities. It is unlawful under the whistleblower provision
of Sarbanes-Oxley to terminate an employee for reporting improper
financial practices. In such cases, the fired IT employee may be
reinstated with back pay and interest, reimbursed for legal
expenses, and have all related information that is damaging to the
employee removed from his or her personnel file.
The above book excerpt is from:
You're Fired!
Firing Computer Professionals
The IT
manager Guide for Terminating "With Cause"
ISBN 0-9744486-4-8
Robert Papaj
http://www.rampant-books.com/book_2005_1_firing.htm |
