Answer: • Rule 404 requires each company to adopt effective financial controls.• CEOs and CFOs must personally certify their company's financial statements. These officers are subject to criminal penalties for violations.• All members of a board's audit committee must be independent.• A company cannot make personal loans to its directors or officers.• If a company has to restate its earnings its CEO and CFO must reimburse the company for any bonus or profits they have received from selling company stock within a year of the release of the flawed financials.• Each company must disclose if it has an ethics code and if it does not why not.• It is a felony to interfere with a federal investigation into fraud.• Whistle-blowing employees are protected.• A new Public Accounting Oversight Board has been established to oversee the auditing of public companies. F2: Timing Issues
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