How will the sec find out who to reward

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Reference no: EM133497017

Question: We will have an interesting discussion for you to engage a very current topic-fraud hotline, tips, and whistle-blower program. But we focus on the "business environment", not to "political matters".

Our coverage of forensic accounting text thus far has discussed about the most common method of detecting fraud incidents, avoid further damages in business entities and government organizations is "to create a positive culture, set the tone at the top, and establish a fraud hotline, report tips, and whistle blowing program". We also learn some key financial statement frauds which were revealed first by some insiders or whistle-blowers.

(a) Please share a related hotline or whistle blower program that you are aware of, or you may have experienced. Does it work effectively as it designs? Why or Why not? If you can explain in details how it work, that is great.

(b) Do you think that whistle blower program needs to remain anonymous? Who should participate and involve in this program at another end of the system? Internal auditors will be good? or who else will be good ? Share your ways of design for a better program if you have the opportunity and authority to do so.

(c) We know that both regulations of SOX Section 806 and Dodd-Frank Act have referred to provisions for the protection of whistle blower program. Dodd-Frank even proposed that whistle blower(s) reward monetary awards from the SEC. How will the SEC find out who to reward if it comes from anonymity?

(d) If you have learned a recent fraud story that is related to either whistle blower, insider tips, or hotline that's effective or ineffective, you can share it with us.

Reference no: EM133497017

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