Tough Questions for Apple

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3. Which employees were granted options in the 15 instances where backdating is said to have occurred? What, if any, financial benefit did they incur? What was the final disposition of those options?

It stands to reason that if no one benefited financially from the backdating, intentional or not, of these options, then the probability of criminal prosecution against the company drops. "If there was no financial benefit, it's a much less appealing case to prosecutors," says William Sullivan, a securities lawyer with Paul, Hastings, Janofsky & Walker in San Diego. According to the Recorder, a legal journal based in San Francisco, federal investigators are considering whether to pursue a criminal investigation into the matter.

4. What are the periods for which financial results will have to be restated, and by what amounts? Additionally, what are the tax implications?

Generally, given the number of options involved, the restatements and tax implications aren't likely to be meaningful for a company with nearly $20 billion in revenue last year, and a cash reserve of $10 billion. Repayment of any back taxes, plus any fines on top of that, will likely amount to pocket change, but the amounts should be spelled out regardless of size, if only to erase any shadows of doubt among shareholders.

5. What new procedures, policies, and review requirements are now in place to ensure something like this doesn't happen again?

In the wake of the options mess, Apple appears to be showing a preference for granting blocks of restricted stock that vest over time to senior employees. Documenting the controls, policies, and procedures around these grants will be important as well.

6. Should the fallout of the options matter result in the departure of Jobs—however unlikely that scenario may be—what plans are in place for the board to name a successor? Who might that person be?

The uncomfortable set of questions couldn't help but be raised in 2005 when Apple disclosed that Jobs had undergone surgery for pancreatic cancer. Jobs recovered, but now as Apple grapples with the options issue, and even if the odds are long that he's in serious trouble, the questions can't help but resurface.

Hesseldahl is a reporter for BusinessWeek.com.