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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?


0	1	2	3

2. Are these communication procedures designed to minimize risk to the Audit Committee and company at all times by SOX compliance experts?


0	1	2	3

3. Has the Audit Committee established record retention procedures that safeguard the receipt and treatment of employee reports of fraud?


0	1	2	3

4. Have you defined disclosure controls for financial reporting?


0	1	2	3

5. Have your disclosure controls been assessed by management and independent auditors?


0	1	2	3

6. Has a code of ethics established for the financial function and financial officers been put into place?


0	1	2	3

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?


0	1	2	3

8. Do your independent auditors report directly to the Audit Committee?


0	1	2	3

9. Does the Audit Committee sign the engagement letter for the independent auditors?


0	1	2	3

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).


0	1	2	3

11. Are off balance sheet entities such as "SPEs" - Special Purpose Entities and material quarterly reserve adjustments - fully disclosed?


0	1	2	3

12. Are company quarterly and annual reports signed by the CEO and the CFO?


0	1	2	3

13. Are insider stock transactions reported within two (2) business days?


0	1	2	3

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?


0	1	2	3

15. Are all frauds - whether material or not material - reported to the Audit Committee?


0	1	2	3


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