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Best Practices

Helping Your Employees To Complain

Companies are advised to keep the process honest with outside providers

By Staff Writer | Updated on February 01, 2004

Harvey Pitt, the former chairman of the Securities and Exchange Commission, has advice for companies setting up whistleblower systems in time for this year’s Sarbanes-Oxley Act deadline: Don’t be cheap. “Trying to do this on a shoestring will eventually wind up costing companies far more than doing it right the first time,” says Pitt, whose Washington-based consulting firm, Kalorama Partners LLC, advises businesses on complying with government regulations.

Section 301(4) of Sarbanes-Oxley requires that audit committees establish procedures for the “receipt, retention and treatment” of complaints about accounting or auditing. What’s more, the provision specifies that employees must be able to submit concerns anonymously.

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