Comments by the Auditing Standards Committee of the Auditing Section of the American Accounting Association on the Securities and Exchange Commission Proposed Rules for Implementing the Whistleblower Provisions of Section 21F of the Securities Exchange Act of 1934

Current Issues in Auditing, 5(1), C16-C27 (2011)

Posted: 15 Oct 2014

See all articles by Eileen Zalkin Taylor

Eileen Zalkin Taylor

North Carolina State University

James Lloyd Bierstaker

Villanova University - School of Business

Joseph F. Brazel

North Carolina State University - Poole College of Management - Department of Accounting

Date Written: June 1, 2011

Abstract

Recently, the Securities and Exchange Commission (“SEC” or “Commission”) proposed rules and forms to implement Section 21F of the Securities Exchange Act of 1934 (“Exchange Act”), entitled Securities Whistleblower Incentives and Protection, and sought comment thereon. The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted on July 21, 2010 (“Dodd-Frank”), established a whistleblower program that requires the Commission to pay an award, under regulations prescribed by the Commission and subject to certain limitations, to eligible whistleblowers who voluntarily provide the Commission with original information about a violation of the federal securities laws that leads to the successful enforcement of a covered judicial or administrative action, or a related action. Dodd-Frank also prohibits retaliation by employers against individuals that provide the Commission with information about potential securities violations. Comments were requested by the Commission and could be submitted on or before December 17, 2010. The Auditing Standards Committee of the Auditing Section of the American Accounting Association provided the comments in the letter below to the Commission on the Proposed Rules for Implementing the Whistleblower Provisions of Section 21F of the Securities Exchange Act of 1934.

Keywords: Dodd-Frank Act, SEC, Whistleblowing, Securities and Exchange Act, Accounting, Auditing, Fraud

Suggested Citation

Taylor, Eileen Zalkin and Bierstaker, James Lloyd and Brazel, Joseph F., Comments by the Auditing Standards Committee of the Auditing Section of the American Accounting Association on the Securities and Exchange Commission Proposed Rules for Implementing the Whistleblower Provisions of Section 21F of the Securities Exchange Act of 1934 (June 1, 2011). Current Issues in Auditing, 5(1), C16-C27 (2011), Available at SSRN: https://ssrn.com/abstract=2504347

Eileen Zalkin Taylor (Contact Author)

North Carolina State University ( email )

Campus Box 8113
Nelson Hall
Raleigh, NC 27695-8113
United States
919-513-2476 (Phone)

James Lloyd Bierstaker

Villanova University - School of Business ( email )

800 Lancaster Avenue
Villanova, PA 19085-1678
United States

Joseph F. Brazel

North Carolina State University - Poole College of Management - Department of Accounting ( email )

Campus Box 8113
Nelson Hall
Raleigh, NC 27695
United States
919-513-1772 (Phone)

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