Fraud Prevention Line™
The Fraud Prevention Line allows healthcare employees to report financial fraud and abuse 24 hours a day, seven days a week, by calling a toll-free number.
Employees learn to use the Line through a simple program that includes a video, poster, and sample policies and procedures. The Fraud Prevention Line™ also includes training on efficient and effective report management.
The AGOS Group offers the Fraud Prevention Line as a simple, easy-to-use, and low-cost way for publicly traded companies to comply with the Sarbanes-Oxley Act.
Anonymous reporting lines are the best way to comply with the new federal law requiring publicly traded companies to implement a process to receive anonymous/confidential reports from employees. The Sarbanes-Oxley Act of 2002 requires audit committees of publicly traded companies to establish procedures for employees to confidentially report problems within the company. Establishment of these procedures can encourage whistleblowers to report their concerns to their employer through the anonymous reporting line-rather than taking their initial complaints to outside authorities or the media.
Under Section 301 of the Sarbanes-Oxley Act, audit committees are mandated to establish procedures for receipt of complaints by employees (301.4.A) and for the confidential submission of the complaint by employees (301.4.B).
Under part 4 of Section 301, the exact language of the Act specifies:
"Each audit committee shall establish procedures for:
- the receipt, retention, and treatment of complaints received by the issuer regarding accounting, internal accounting controls, or auditing matters; and
- the confidential, anonymous submission by employees of the issuer of concerns regarding questionable accounting or auditing matters."
The Act applies only to companies that are publicly traded. However, the new standards are almost certain to become widely accepted best practices for all organizations-regardless of the type of industry or whether the company is publicly traded.
