Appointment Blogs | Compliance Week – Page 170
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BlogMind the pay gap, especially if you are older and a mother
New rules from the U.K. government requiring firms with 250 or more employees to publish specific details on pay, including compensation differences between the sexes, should put a dent in the male/female wage gap. Paul Hodgson reports.
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FASB offers more narrow corrections to new revenue rule
FASB has issued another proposed update to the massive new standard on revenue recognition to address more technical corrections and upgrades on a handful of narrow issues. Tammy Whitehouse has more.
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Whistleblower awards and new scrutiny of SEC enforcement
The SEC’s successful whistleblower bounty program is raising some very interesting questions about the future of whistleblowing in general. Tom Fox reports on the agency’s recent enforcement actions.
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Memo to Telia, Deutsche Bank: Do not negotiate with the DOJ in public
While Telia Co. and Deutsche Bank are looking to publicly war with the Justice Department over upcoming penalties, they should be learning by Avon Product’s example, says Tom Fox—the firm initially suggested a $12M fine and ended up paying a cool $135M.
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EY settles two auditor independence cases with SEC
EY has agreed to a $9.3 million settlement of auditor independence charges with the SEC in two cases where auditors got too close to public company audit clients. Tammy Whitehouse reports.
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NYDFS regulator joins Guidepost Solutions
Daniel Burstein, who most recently served as Executive Deputy Superintendent and Acting Chief of Staff for the New York State Department of Financial Services, has joined Guidepost Solutions, a compliance, investigations and risk management firm.
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Kroll names new managing director in Investigations and Disputes Practice
Kroll, a risk mitigation, compliance, security, and incident response solutions provider, has appointed Nicole Lamb-Hale as a managing director in the Washington, D.C., office of Kroll’s Investigations and Disputes practice.
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FTI Consulting expands Forensic Accounting & Advisory Services Practice
Global business advisory firm FTI Consulting has added five professionals to the firm’s Forensic Accounting & Advisory Services practice within its Forensic & Litigation Consulting segment. The expansion of the practice includes the addition of Senior Managing Directors Stephanie Lhomme, Patrick Pericak and Nigel Webb, and Managing Directors Irumire David ...
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Why pre-acquisition due diligence and post-acquisition remediation are so critical
Tom Fox looks at a recent SEC settlemenf for and FCPA enforcement action against Jun Ping Zhang, which makes clear the need for robust pre-acquisition due diligence.
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Telia faces $1.4 billion fine for corruption in Uzbekistan
U.S. and Dutch authorities have proposed a $1.4 billion settlement with Swedish telecom firm Telia to resolve corruption violations relating to its transactions in Uzbekistan, making it possibly one of the largest Foreign Corrupt Practices Act fines to date. Jaclyn Jaeger reports.
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Artivest appoints chief compliance officer
Artivest, a technology-driven investment platform, has appointed Jon Feigelson as general counsel and chief compliance officer.
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FIFA appoints chief compliance officer
The Fédération Internationale de Football Association (FIFA), the international governing body of professional soccer, today announced that Edward Hanover, an experienced international compliance executive, has been appointed as the organisation’s chief compliance officer. He will begin work on 1 Oct. 2016. Jaclyn Jaeger has more.
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2016 SEC trial scorecard update: agency now 4-1-1 after City of Miami trial
The SEC has prevailed in a jury trial against the City of Miami (which it labeled “a recidivist violator of the federal securities laws”) and Michael Boudreaux, the city’s former budget director. Bruce Carton has more enforcement hits and misses.
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Accountants tally Brexit effect in financial statements
To prepare for Brexit, companies need to consider how they might be exposed to new risks, assuring they are reflected in accounting and financial reporting. Tammy Whitehouse analyzes a new PwC report that discusses what near- and long-term issues companies can expect.
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BlogCAQ: Audit’s role in cyber-security exams
Public company auditors are suggesting that companies voluntarily submit to an independent cyber-security examination separate from the existing financial statement audit. Tammy Whitehouse explores a new process for examining and reporting on a company’s cyber-security risk management.
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Sen. Warren demands investigation into lack of post-crisis prosecutions
In letters this week to the Department of Justice’s inspector general and FBI Director James Comey, Sen. Elizabeth Warren (D-Mass.) is demanding answers as to why the government failed to pursue criminal prosecutions for activities associated with the Great Recession of 2008. Joe Mont parses the contents of those scathing ...
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SEC’s Ceresney on the role of whistleblower attorneys
In a speech this week, SEC Enforcement Director Andrew Ceresney addressed the role that the attorneys representing informants can play in the process, including managing expectations, producing corroborating materials, and helping to ensure post-enforcement confidentiality. Joe Mont has more.
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NY’s financial regulator will oversee new cyber-security rules
New York has announced a new “first-in-the-nation regulation” requiring that banks and insurance companies overseen by its Department of Financial Services establish cyber-security programs and certify the effectiveness. Joe Mont reports.
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Cisco Systems FCPA probe ends in declinations
Networking giant Cisco Systems announced in its annual report that it will not face any enforcement actions in connection with a previously disclosed investigation into potential violations of the Foreign Corrupt Practices Act concerning its operations in Russia. Jaclyn Jaeger reports.
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The (non) myth of the 5,300 rogue employees
The Man From FCPA, Tom Fox, asks why it is always the employee’s fault when a corporation engages in fraudulent activity leading to regulatory fallout. Perhaps the CEO of Wells Fargo, responsible for the firing of 5,300 “rogue” employees for fraudulent activity, has the answer.