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Whistle Blowing by Tommy Seah in IIA Australia

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Information about Whistle Blowing by Tommy Seah in IIA Australia
Education

Published on January 11, 2009

Author: CSISlideShare

Source: slideshare.net

Description

TOMMY SEAH IIA Melbourne Australia presentation on Whistle Blowing
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Whistleblower Hotline – A Powerful Tool to Combat Fraud SOPAC ® 2007, 25-28 March 2007 , Melbourne

Code of Corporate Governance The Audit Committee should review arrangements by which staff of the company may, in confidence, raise concerns about possible improprieties in matters of financial reporting and other matters. Para 11.7 Singapore Code of Corporate Governance 2005

Code of Corporate Governance

The Audit Committee should review arrangements by which staff of the company may, in confidence, raise concerns about possible improprieties in matters of financial reporting and other matters.

Para 11.7 Singapore Code of Corporate Governance 2005

Code of Corporate Governance The Audit Committee’s objective should be to ensure that arrangements are in place for independent investigation on such matters and for appropriate follow up action. Para 11.7 Singapore Code of Corporate Governance 2005

Code of Corporate Governance

The Audit Committee’s objective should be to ensure that arrangements are in place for independent investigation on such matters and for appropriate follow up action.

Para 11.7 Singapore Code of Corporate Governance 2005

Whistleblowers are told to take comfort in knowing they have done the right thing.

SOX SEC. 806. PROTECTION FOR EMPLOYEES OF PUBLICLY TRADED COMPANIES WHO PROVIDE EVIDENCE OF FRAUD. (a) IN GENERAL.—Chapter 73 of title 18, United States Code, is amended by inserting after section 1514 the following: ‘‘ § 1514A. Civil action to protect against retaliation in fraud Cases ‘‘ (a) WHISTLEBLOWER PROTECTION FOR EMPLOYEES OF PUBLICLY TRADED COMPANIES .—No company with a class of securities registered under section 12 of the Securities Exchange Act of 1934(15 U.S.C. 78l), or that is required to file reports under section15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(d)),……………………………….

SEC. 806. PROTECTION FOR EMPLOYEES OF PUBLICLY TRADED COMPANIES WHO PROVIDE EVIDENCE OF FRAUD.

(a) IN GENERAL.—Chapter 73 of title 18, United States Code,

is amended by inserting after section 1514 the following:

‘‘ § 1514A. Civil action to protect against retaliation in fraud

Cases

‘‘ (a) WHISTLEBLOWER PROTECTION FOR EMPLOYEES OF PUBLICLY TRADED COMPANIES .—No company with a class of securities registered under section 12 of the Securities Exchange Act of 1934(15 U.S.C. 78l), or that is required to file reports under section15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(d)),……………………………….

Divided views regarding Whistleblowing “ Whistleblowing: betrayal or public duty ?”

Divided views

regarding

Whistleblowing

“ Whistleblowing: betrayal or public duty ?”

“ For those who argue that employees owe strict loyalty to the company , Whistleblowing seems to be an act of extreme disloyalty. But loyalty cannot imply that we should not report the unethical conducts of others ……”

Conflict of Laws: Whistle-blowing Hotlines Under Fire in Europe ……. a French court issued an order prohibiting McDonald’s in France from continuing with their system on data protection grounds. ( Sarbanes Oxley and European data protection laws)

Some board members against whistle blowing: : a “whistleblower” mechanism is already in place in the company. : weaken the esprit de corps amongst the staff.

Some board members against whistle blowing:

: a “whistleblower” mechanism is already in place in the company.

: weaken the esprit de corps amongst the staff.

Dilemmas of whistleblowers

Dilemmas of whistleblowers

Whistleblowing Implementation issues What should be in the Whistle Blowing Policy

Whistleblowing

Implementation issues

What should be in the

Whistle Blowing Policy

Whistleblowing Implementation issues Commitment of Board of Directors

Whistleblowing

Implementation issues

Commitment

of

Board of Directors

Whistleblowing Implementation issues Purpose of the Policy

Whistleblowing

Implementation issues

Purpose of the Policy

Whistleblowing Implementation issues What safeguards can people expect?

Whistleblowing

Implementation issues

What safeguards can people expect?

Whistleblowing Implementation issues Reporting Procedures Whistle Blowing Hotline or Management

Whistleblowing

Implementation issues

Reporting Procedures

Whistle Blowing

Hotline

or

Management

Whistleblowing Implementation issues How an investigation is carried out

Whistleblowing

Implementation issues

How an investigation

is carried out

Whistleblowing Implementation issues Outcome Report to explain findings and actions taken to the full extend possible within commercial, legal and confidential constraints.

Whistleblowing

Implementation issues

Outcome

Report to explain findings and actions taken to the full extend possible within commercial, legal and confidential constraints.

Is Whistle Blowing Hotline effective ? A plea for Whistleblowing legislation

Is Whistle Blowing

Hotline effective ?

A plea for Whistleblowing legislation

The reason why…. A plea for Whistleblowing legislation Guilty Guilty Guilty US $82 billion FRAUD Bribery Embezzlement US$30 million

The reason why…. A plea for Whistleblowing legislation

Thank you Ladies and Gentlemen for the privilege. Please feel very welcome to call me at Tel. 65 9106 9872 to know more. You may also visit http://www.cfe-in-practice.com CFE- In-Practice Visit us at http://www.cfe-in-practice.com Integrity|Intelligence|Independence

Thank you

Ladies and Gentlemen

for the privilege.

Please feel very welcome to call me at

Tel. 65 9106 9872

to know more.

You may also visit

http://www.cfe-in-practice.com

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