Articles | Compliance Week – Page 296
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Wanted: Compliance Officers With Leadership, Communication Skills
Image: Chief compliance officers are still in high demand, but the skills that companies are looking for in top candidates are changing. Companies are seeking compliance leaders who have the ability to influence others, communicate effectively, and build relationships with a wide range of internal and external stakeholders, including regulators. ...
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Companies Fall Behind on Preparing for Revenue Recognition Rules
Image: Title: Mirando-GouldAccounting experts say that most companies will not be prepared to follow new revenue recognition accounting rules at the start of next year, the ideal date for those that want to be ready for a full retrospective adoption. Meanwhile, officials at the Financial Accounting Standards Board say they ...
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ArticleShop Talk: Laying the Foundation of Good Compliance and Governance.
True, one size does not fit all, but there are still some common aspects that most high-functioning compliance and governance programs share, such as fostering a strong ethical culture, communicating effectively, and retaining a level of independence. During our latest executive roundtable, hosted with The Boeing Co. in Dallas, compliance ...
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ArticleShop Talk: Laying the Foundation of Good Compliance and Governance
True, one size does not fit all, but there are still some common aspects that most high-functioning compliance and governance programs share, such as fostering a strong ethical culture, communicating effectively, and retaining a level of independence. During our latest executive roundtable, hosted with The Boeing Co. in Dallas, compliance ...
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Roundtable Biographies – 11/06/14
On Nov. 6, Compliance Week and Boeing presented an editorial roundtable at the Ritz-Carlton Hotel in Dallas. The focus of the roundtable, which was moderated by Executive Editor Joseph McCafferty, was on structuring compliance and ethics. Attendees’ full biographies are below.Candice AaronChief Compliance Officer, Equipment & Commercial DivisionGeneral Electric Candice ...
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A New Congress Will Bring New Chances to Alter Regulatory Landscape
The midterm elections brought a much stronger position in Congress to Republicans. While it may not be enough to give them the clout they need to make vast legislative changes, it has given them hold on the purse strings. With control of the budgeting process, and a potential new willingness ...
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HHS’s Plan to Target Data Security in 2015 Means More Audits
The Department of Health and Human Services plans to raise the bar on data security in the healthcare industry in the year ahead. The renewed focus likely means more audits and enforcement actions for providers and insurers. On HHS’s checklist are required contingency plans that establish procedures for responding to ...
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Revenue Standard Delay; CW Ethics Forum; More
Coming in the Tuesday, Nov. 18 edition of Compliance Week: FASB considers a postponement of the revenue recognition implementation deadline—what that means for companies; also next week, how to write a more compelling and user-friendly code of conduct.
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What SEC Rulemaking Generates the Most Buzz?
What rule proposals and petitions before the SEC attract the most comment letters? Not surprisingly, investors and their advocates flooded the SEC’s mailbox with form letters supporting measures such as enhanced whistleblower protections and disclosure of political contributions. Less feedback came from corporate representatives concerned with new rules on the ...
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Separation Conundrum: Should Compliance Be Independent of Legal?
Image: Title: RubinDespite the ongoing push for companies to separate the compliance and legal functions, giving chief compliance officers greater independence than they might otherwise enjoy while reporting to the general counsel, not everyone agrees it’s the only way to go. “I don’t think there is a right or wrong ...
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The Real Data Breach Risks Are Right Under Your Nose
While companies fret about shadowy hackers based in Russia and China hell bent on stealing customer information, employees—not cyber-criminals—pose the biggest threat to create data breaches and data loss, according to a recent study. Ungoverned and negligent file-sharing by employees is hitting epidemic proportions: More than half of respondents to ...
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With Americans Living Longer, Pension Changes May Be Needed
Image: Faced with compelling new evidence that Americans are living longer, companies may have to reflect potentially big cost increases associated with pension and retiree medical benefits in their financial statements. The Society of Actuaries has released data showing longevity rates increased at least two years on average. “This will ...
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ArticleAuto Industry Under Siege Over Defects, Mileage Ratings
Title: GrigorianA record number of product-safety recalls and massive civil and criminal penalties for compliance failures such as mis-stated mileage ratings have put all manufacturers and suppliers in the automotive industry on notice—and things are only just starting, as the National Highway Traffic Safety Administration bears down. “This level of ...
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Retirement Benefit Trend; SEC Rulemaking Concerns; More
Coming in the Nov. 11 edition of Compliance Week: CW’s Tammy Whitehouse looks at how many are considering new mortality rates in estimating retirement benefit costs; also next week, what companies have to say about long-awaited, most-anticipated, SEC rulemaking.
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SEC’s Disclosure Review Reignites Debate Over Forward-Looking Information
Companies, regulators, and investors have long debated the role of forward-looking information in disclosures, reports, and financial statements. In a new report, the CFA calls on the SEC to a use comprehensive disclosure review to decide what forward-looking information should be required in corporate disclosures and financial reports in particular. ...
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Raising the Bar on Year-Two Conflict Minerals Disclosures
Image: Title: WallerstedtThe first year of conflict minerals disclosures was basically a trial run, with low expectations. Companies are now working on the next round of filings, and the SEC’s expectations for detail will be greater, experts say. The task is to move beyond mere data collection and push compliance ...
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ISS Moving to Score Cards for Equity Plan Evaluations
Institutional Shareholder Services has proposed substantial changes to its voting policies on equity plans for the 2015 proxy season. Rather than assigning a pass or fail grade, ISS plans to implement a scorecard approach that weights various factors. The move addresses complaints that ISS takes a cookie-cutter approach to evaluating ...
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Regulators Are Once Again in Hot Pursuit of Worker Misclassification
Image: Title: HanrahanState and federal agencies are issuing a renewed warning to companies that regularly use independent contractors: classify them correctly, or face big penalties. They are also putting more funds into detection and enforcement, meaning companies are likely to see an increase in audits. “I would expect to see ...
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ArticleAccounting and Audit Suffering a Talent Shortage
With the improving economy and increased regulatory burden, accountants and auditors are in high demand once again, and the resulting labor crunch is pushing up audit costs. To make matters worse, long hours, the threat of litigation, and regulatory pressure are pushing some accountants out of the profession. “Turnover is ...
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Audit Staffing Concerns; Conflict Minerals Update; More
Coming in the Nov. 4 edition of Compliance Week: Internal audit staff shortages are causing a rise in audit fees and placing more demands on the IA function; also next week, CW’s Joe Mont provides a look at where companies stand in preparing for year two of conflict minerals compliance.