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Board and Fraud is a blog that aims to bring a practical approach to issues facing the board of directors and the audit committee specifically in the area of governance, risk management, compliance, and internal audit, with a strong focus on fraud, ethics, and internal controls.

Whistleblowing Process Almost Corrected…

Overview

The House has passed a bill to reverse the impact of the Digital Realty Trust Supreme Court decision handed down in February 2018, which stated that employees must first report their allegation(s) to the SEC if they want to claim whistleblower protections under the Dodd-Frank Act.

Update

Yesterday, the House passed H.R. 2515, the Whistleblower Protection Reform Act of 2019, with a near unanimous vote.

The bill amends the Dodd-Frank Act to clarify that whistleblowers who report misconduct to their employers and not to the SEC also have protections against retaliation under the law.

The bill still needs to win passage in the Senate, plus signature from President Trump, to become law.

I know the process is not perfect and it may never be, but in my opinion this is a step in the right direction.

I welcome your thoughts and comments yes.

Stay tuned for more on this topic and feel free to reach out with any questions you might have.

Best!

Jonathan T. Marks, CPA, CFE
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