Appointment Blogs | Compliance Week – Page 220
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Oversight launches new Intelligent Case Assignment capability
Oversight Systems, an operational expense analysis company, has launched its new Intelligent Case Assignment capability, which helps ensure that line-of-business managers responsible for expense control and transaction monitoring efficiently address risk and financial anomalies. This solution guarantees team members’ time is invested in the highest priority anomalies.
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White details how SEC may utilize budget boost
Image: Defending a proposed $1.8 billion budget for the SEC before Congress, Chairman Mary Jo White provided a look at its future efforts. The proposed funding will allow the agency to hire an additional 250 staff in “critical, core areas,” White said. Goals include increasing examination coverage of investment advisers; ...
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Workwave names chief compliance officer
WorkWave, a provider of cloud-based software solutions for field service management and “last mile” fleet management, has appointed Perry Pappas as general counsel and chief compliance officer. As a member of WorkWave’s senior management team, Pappas will be responsible for all legal and compliance aspects of WorkWave’s rapidly expanding domestic ...
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Zimmer Biomet: FCPA probe remains ongoing
Medical device maker Zimmer Biomet Holdings (formerly Biomet) is still under investigation by the Justice Department and SEC for possible violations of the Foreign Corrupt Practices Act regarding its operations in Brazil and Mexico. As a result, a three-year deferred prosecution agreement that Biomet entered into with the Justice Department ...
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Utah plays shame game with “White Collar Crime Offender Registry"
Utah’s “White Collar Crime Offender Registry”—its effort to identify and shame its white-collar criminals—is now up and running. The Registry lists over 100 offenders in alphabetical order, including mug shot, birthday, height, weight, and “Qualifying Convictions.” Offenders will remain on it for (a) a period of 10 years for a ...
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France fines Google $112,000 over right to be forgotten
France’s data protection regulator has fined Google €100,000 (U.S. $112,000) after it refused to comply with the regulator’s order to remove URLs from search results everywhere. The fine follows a May 2014 ruling by the European Union Court of Justice, affording European citizens the right to ask search engine providers ...
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Vail Resorts names chief accounting officer
Vail Resorts has appointed Ryan Siurek as controller and chief accounting officer, effective April 18. He will assume these responsibilities from Mark Schoppet, who will retire following the completion of a transition period.
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BlogNew restatement data show differences across audit firms
Research from Audit Analytics shows that even among the Big 4 there are differences in how likely a given filing will lead to a restatement. Big 4 firms were behind 44 material restatements out of 4,454 filings, for a rate of 0.99 percent. Among national firms Grant Thornton, BDO USA, ...
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SEC requires ExxonMobile, Chevron climate change resolutions
The SEC has denied efforts by ExxonMobil and Chevron to exclude shareholder resolutions seeking additional disclosures related to climate change. The decision was detailed in recent no-action letters issued by the Division of Corporation Finance. A coalition of investors want the companies to “stress test” and disclose the effect ...
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FASB appoints transition group for pending credit loss standard
Image: FASB has seated a Transition Resource Group to help implement the pending standard on credit losses that will include 16 bigwigs from accounting firms PwC, KPMG, EY, Deloitte, Grant Thornton, and Crowe Horwath, as well as banking and insurance entities. The group, which will be chaired by FASB member ...
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Novartis to pay $25 million in FCPA case
Switzerland pharmaceutical giant Novartis yesterday reached a $25 million settlement with the Securities and Exchange Commission for violating the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act concerning its operations in China.
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SEC readies concept release on Regulation S-K review
The SEC will meet next week to take the next step in an ongoing review of its disclosure regime. On March 30, the Commission, in an open meeting, will consider whether to issue a concept release seeking comment on modernizing business and financial disclosure requirements in Regulation S-K. Also at ...
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Is FIFA entitled to restitution as a victim?
Image: It appears the Fédération Internationale de Football Association is trying to shed its corrupt image in favor of playing the victim. The international governing body of football has asked the Justice Department for its share of monies it obtains through forfeiture and penalties from individuals prosecuted around the FIFA ...
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Complying with Brexit
As the United Kingdom gets ever closer to withdrawing from the European Union, no small amount of economic turmoil and compliance headaches are sure to follow. For compliance officers at companies doing business in Europe and the United Kingdom, the possibility of a Brexit provides the sort of job security ...
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Study links audit staffing to audit quality
Recent academic research from professors at the University of Alabama and Louisiana State University finds where audit engagement workload is high, companies have significantly higher abnormal discretionary accruals, are more likely to restate earnings, and are less likely to get a going concern opinion even when signs of distress are ...
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EPA, CFTC agree to share data
The Commodity Futures Trading Commission and the Environmental Protection Agency have entered into a Memorandum of Understanding that allows the agencies to share Renewable Fuel Standard data and analysis, including proprietary business information. Sharing this information, the agreement says, will allow the CFTC to assist the EPA with investigations into ...
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Corp Fin issues new guidance on shareholder proposals
The SEC’s Division of Corporation Finance has issued a new Compliance and Disclosure Interpretation addressing rules requiring that the proxy “identify clearly and impartially each separate matter intended to be acted upon.” The question it answers: How specifically must a registrant describe a Rule 14a-8 shareholder proposal on its proxy ...
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Under investor scrutiny, corporate governance evolved into a crucial value generator
Title: Recent statements from big, maRecent statements from big, mainstream investment firms underscore just how far corporate governance has evolved from having once been a compliance exercise about proxies to a fundamental contributor to risk management and value creation. And as more funds integrate environmental, social, and governance factors into ...
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Avoiding Vanguard’s cyber-security stumble
Image: A recent incident at Vanguard in which the company unintentionally sent 71 e-mails pertaining to different customer transactions to a random Vanguard customer triggered a flawed response from the company that demonstrates how SEC-registered entities can underestimate just how difficult it is to manage customer data-related predicaments. CW’s John ...
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Former Goldman compliance employee settles SEC insider trading case
A former Goldman Sachs compliance employee settled his case with the Securities and Exchange Commission to resolve insider trading charges filed against him last year. Judge Valerie Caproni of the U.S. District Court for the Southern District of New York last week entered a final judgment against defendant Yue Han, ...