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Frequently Asked Questions
  If an investigation into the issues underlying a late periodic report has been initiated by the company's board, audit committee or other investigative committee, what information should the company provide to the Staff?
Identification Number 375
The company should be prepared to provide the following information to the extent it has been ascertained and to supplement that information in writing upon completion of the investigation:
1. A summary of the investigation, including:
    • A description of how and when the issues/improprieties originally came to the attention of management and/or the board of directors or audit committee;
    • A description of the particular issues under investigation and the scope of the investigation (years covered, geographical reach, etc.);
    • A summary or time line of meetings and actions taken by the board, audit committee, or other investigative committee and the law firms, forensic accountants or other consultants retained to assist in the investigation; and
    • The findings of the investigation, including a description of all questionable, improper and/or fraudulent actions or practices identified and the names of all individuals found to be responsible for, or have participated in, such conduct (by act or omission), the status of those individuals' employment with the company, and a description of any sanctions or remedial actions taken against those individuals;
2. A description of internal control and/or accounting weaknesses identified during the course of the investigation;
3. A description of all remedial measures that have been or will be implemented by the company (including a schedule for the implementation of those measures not yet adopted);
4. A description of any and all remedial measures and/or internal controls that the company does not plan to implement, which were recommended by the investigatory committee, or by any law, accounting or consulting firm involved in the investigation; and
5. A description of any and all investigations or inquiries by other regulatory authorities.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 375
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