Appointment Blogs | Compliance Week – Page 191
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CCO independence as key indicia of best practices compliance program
At the annual Compliance Week conference, U.S. Justice Department and Securities and Exchange Commission representatives spoke about what constitutes an effective compliance program under the Foreign Corrupt Practices Act and the increased importance of an independent chief compliance officer. Our Man From FCPA Tom Fox explores further.
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SEC issues new guidance on use of non-GAAP accounting
The SEC has updated its Compliance & Disclosures Interpretations guidance with a dozen new Q&As focused on how companies might report financial information outside the realm of Generally Accepted Accounting Principles without also running afoul of financial reporting requirements. More from Tammy Whitehouse.
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60 Minutes: The inside story of the fall of Roomy Khan and Raj Rajaratnam
Bruce Carton offers a look at a 60 Minutes piece called “Inside Edge” about former stock analyst Roomy Khan, who was caught early by federal prosecutors investigating insider-trading by hedge funds and ultimately became a critical government informant in the criminal case that brought down Galleon Group's Raj Rajaratnam and ...
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Restatements take another turn for the better, Audit Analytics says
The total number of restatements that were serious enough to undermine reliance on prior financials fell to 161, the lowest level since 2006, according to the latest data from Audit Analytics. And the overall number of restatements dropped 12.7 percent in 2015 from the year before. Tammy Whitehouse has more ...
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PCAOB sanctions Hong Kong firm, U.S. affiliate
The Public Company Accounting Oversight Board has settled a disciplinary action against a Hong Kong firm and its U.S. affiliate over audit problems involving a U.S.-listed company based in China. Tammy Whitehouse has more.
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Centrus names chief compliance officer
Centrus Energy has appointed Dennis Scott as general counsel, chief compliance officer and corporate secretary, effective May 23.
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K2 Intelligence partners with BitVoyant
K2 Intelligence, a cyber defense, investigative, and compliance services firm, and BitVoyant, a cyber intelligence services company, has announced a new partnership to co-develop cyber-derived business intelligence products and defense services based on massive proprietary cyber datasets.
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FASB rolls out more technical corrections to revenue recognition rule
After the Financial Accounting Standards Board spent months working through amendments to the revenue recognition standard that is set to take effect in 2018, it turns out there are still more small changes coming.
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FTC adjusts franchise rule’s monetary thresholds
The Federal Trade Commission is adjusting three monetary exemption thresholds in its Franchise Rule. The thresholds are used to determine whether the sale of a franchise qualifies for an exemption from the rule, which requires franchisors to disclose key information prospective buyers need to evaluate the risks and benefits of ...
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Financial industry groups agree on cyber-security principles
A consortium of financial industry associations has published a set of common principles to promote effective global policymaking on cyber-security, data, and technology. The groups seek constructive cooperation with regulators on the principles by submitting them to the Financial Stability Board and the International Organization of Securities Commissions. Joe Mont ...
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CCOs facing greater personal scrutiny from regulators
The Man from FCPA, Tom Fox, examines the recent FINRA disciplinary action against Raymond James CCO Linda Busby, in light of what appears to be broadening personal liability for chief compliance officers when it comes to FCPA enforcement.
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FASB drops simplification idea around equity method
FASB’s proposal on simplifying equity accounting garnered 40 comment letters, nearly half from preparers. But while most expressed support for dropping the retroactive adoption requirement, responses to accounting for the basis difference were all over the map. Tammy Whitehouse reports.
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BlogSEC’s whistleblower office on winning roll
The SEC’s Office of the Whistleblower has been on a winning streak, which continued this week as it announced an award of between $5 million and $6 million to a former company insider whose tips uncovered hidden securities violations. The office has now awarded more than $67 million to 29 ...
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Walmart prevails in shareholder FCPA-related derivative case
Walmart’s board of directors successfully moved to dismiss a shareholder FCPA-related derivative claim, in which shareholders accused the directors of breaching their fiduciary duties in connection with a massive bribery and corruption scandal at the retail giant’s Mexico operations. Jaclyn Jaeger reports.
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How the U.K.’s “shareholder spring” has put compliance in the driver’s seat
As the United Kingdom’s “shareholder spring” subjects numerous top-index firms to repudiations of carefully planned executive compensation plans, Stephen Davis and Jon Lukomnik discuss how the trend of compliance as a value creator and as the primary method of enforcing good behavior is becoming too big to ignore.
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Non-GAAP measures continue to draw attention
Companies are striving to limit non-GAAP measures, as investors have lately expressed concern over their volume and the number of coinciding adjustments. Columnist Scott Taub helps companies answer the difficult accounting question, “Can we non-GAAP this?”
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FIFA audit and compliance committee chair resigns
The aftermath of the FIFA corruption scandal continues on, with the resignation last week of Domenico Scala, chair of FIFA’s audit and compliance committee. Scala resigned in protest over a governance change made at the international governing body of professional soccer.
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Amedisys chief compliance officer to take one year paid leave
Amedisys, a home health and hospice care company, said in a securities filing that Jeffrey Jeter, the company’s chief compliance officer, will take one year of paid leave under a new employment agreement between the company and Jeter.
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BlogOf power and responsibility
With great power comes great responsibility. The Norwegian Oil Fund already knows that, but it appears the company will give the entire world a responsiblity lesson as it takes more interest in the corporate governance policies of those firms in which it invests. The Man From FCPA Tom Fox has ...
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UHY names new managing director
UHY Advisors, a tax and business consulting firm, has promoted Brad Baer to managing director in the UHY management and technology consulting group.