For example, the act requires that all directors serving on the audit committee be independent of the firm and receive no fees other than for services of the director. In addition, boards may no longer grant loans to corporate officers. The act has also established formal procedures for individuals (known as “whistleblowers”) to report incidents of questionable accounting or auditing. Firms are prohibited from retaliating against anyone reporting wrongdoing. Both the CEO and CFO must certify the corporation’s financial information. The act bans auditors from providing both external and internal audit services to the same company. It also requires that a firm identify whether it has a “financial export” serving on the audit committee who is independent from management.