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#59697 - 02/06/03 07:37 PM Audit Committee procedures re: complaints
Richard Offline
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Joined: Feb 2003
Posts: 5
As everyone is aware of the Sabanes-Oxley Act has added increased responsibilities to the Audit Commmittee. One of these responsibilities is to establish procedures for the receipt, retention and processing of complaints received by the Company regarding accounting, internal accounting controls and auditing matters and for the confidential submission by the Company's employees of concerns regarding questionable accounting or auditing matters. As internal auditor I am looking for suggestions on the best way to achieve this goal in the most efficient, least expensive, yet compliant manner to avoid regulatory criticism.

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#59698 - 02/10/03 04:04 PM Re: Audit Committee procedures re: complaints
NancyF Offline
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NancyF
Joined: Dec 2001
Posts: 173
PA
Hi Richard. I posted a similar question about a month ago (in the general forum) and got no response. There are several services that offer a whistleblower hotline. Talking IRL to colleagues, I am aware of one other (substantially larger and union) bank that has been using such a service for a number of years. After the SEC issues a final rule, if such confidential reporting is required, my bank will probably start using such a service. Costs, that I have seen, range from $100-200 per month. Other alternatives that we have talked about are bank officers or directors. Neither seems totally confindential, though, especially in a small bank environment.

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