Page 47 - CFF

Other legislation and guidance

• Federal sentencing guidelines

– Uses a point system to determine federal sentences

– Sentencing mitigation points available for companies with good ethics
plans

• Foreign Corrupt Practices Act

– Originally passed to stop bribery of foreign governments, but also makes
lack of good internal controls and recordkeeping a criminal offense for
public companies
• Sarbanes-Oxley Act

– Provisions affecting auditor independence, audit committees, rotation of
auditors, conduct of auditors, internal control disclosures, CEOs’ and
CFOs’ responsibility for financial reports, whistle-blowers, analysts,
attorneys, and penalties

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