Appointment Blogs | Compliance Week – Page 271
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Avigilon Promotes Chief Accounting Officer
Vancouver-based Avigilon, a global provider of end-to-end security solutions, has promoted Ric Leong to chief accounting officer and senior vice president. Details inside.
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UCP Appoints Chief Accounting Officer
UCP, a homebuilder and land development company, has appointed Timothy Baker as chief accounting officer. He will report to UCP's Chief Financial Officer William La Herran. Details inside.
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French Magistrates Probing HSBC for Tax Evasion Scheme
London-based banking giant HSBC last week said that French magistrates have launched a formal criminal investigation and imposed a bail of US$1 billion concerning allegations that HSBC's Swiss-based private banking arm helped clients evade taxes. In a statement, parent company HSBC Holdings said it “believes the French magistrates’ decision is ...
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Report: Majority Adopt New COSO Framework
With more than 3,000 filings collected through early April, three-fourths of publicly traded companies have disclosed that they have adopted the 2013 COSO internal control framework, with the rest either remaining on the 1992 framework or not disclosing what framework they followed, according to a study published by Protiviti.
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Study Shows No Better Reporting After Auditors Cut Tax Services
U.S. auditor independence rules targeted at tax work have done nothing to improve financial reporting quality, according to new academic research out of Singapore. The study found a big shift in non-audit services provided by audit firms, leading to a significant drop in auditor-provided tax services, especially among firms that ...
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PCC Seeks Nominations for New Chair; Members
Private Company Council Chairman Billy Atkinson this week announced that he will not seek a second term as head of the group. As a result, the Financial Accounting Foundation Board of Trustees issued a request for nominations for candidates to succeed Atkinson next January and to fill other potential vacancies ...
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Weaver Launches New IT Advisory Service
Weaver, an independent accounting firm, recently launched a new IT advisory service that provides payment card industry (PCI) data security assessments. Brian Thomas and Brittany George, both in Weaver’s IT advisory services, have met the necessary requirements to earn the Qualified Security Assessor (QSA) certification from the PCI Security Standards ...
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OECD Roasts Iceland on Anti-Bribery Efforts
The Organization for Economic Cooperation and Development’s Working Group on Bribery this week said it has “serious concerns” about Iceland’s lack of progress in both combating the bribery of foreign public officials. Out of 17 recommendations made by the Working Group in 2010, just two of the recommendations had been ...
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Newtek Hires Chief Risk Officer
Newtek Business Services, an internally managed business development company (BDC), has appointed Michael Campbell as chief risk officer for Newtek Merchant Solutions. Details inside.
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Porzio Life Sciences Establishes Netherlands Office
Porzio Life Sciences (PorzioLS), a provider of regulatory compliance and legal services to the life sciences industry, has formed a new affiliate based in the Netherlands. PorzioLS also announced the introduction of Porzio GST, a configurable interface that enables drug and medical device companies to capture and manage data elements ...
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Farient Advisors Launches New Global Governance Network
Farient Advisors, an independent executive compensation and performance consulting firm, this week announced the launch of the Global Governance and Executive Compensation Network. The GECN brings together a select group of independent advisory firms specializing in the compensation and governance challenges that are faced by companies and other institutions, both ...
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SEC May Create One-Stop Database for Investors
The SEC may consider the creation of a new public database that compiles the scattered array of information on financial professionals and securities laws violations. A proposal from its Investor Advisory Committee would link to existing databases run by regulators and self-regulatory organizations. More inside.
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Batista Insider Trading Case: From ‘Landmark’ to ‘Turmoil’ to ‘Farce’
The already-bizarre Brazilian insider-trading case against former billionaire Eike Batista “desended into farce” this week when the presiding judge was charged with embezzling more than $360,000 in seized money to buy himself a bulletproof Land Rover and an apartment. Prosecutors also claim that Judge Souza destroyed documents pertaining to the ...
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FLIR Systems Settles FCPA Charges for $9.5 Million
Thermal imaging manufacturer FLIR Systems has reached a $9.5 million settlement with the SEC to resolve charges that it violated the Foreign Corrupt Practices Act by financing what an employee termed a “world tour” of personal travel for government officials in the Middle East who played key roles in decisions ...
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India Sentences ex-Satyam CEO to 7 Years in Prison
Ramalinga Raju, former chairman and CEO of Satyam Computer Services, was found guilty in an Indian court this week and sentenced to seven years in prison for his role in “India’s Enron”—a $1 billion accounting fraud that was revealed in 2009. Raju also admitted in a letter to Satyam’s board ...
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FASB Simplifies Presentation of Debt Issuance Costs
FASB has approved a measure to revise the presentation of debt issuance costs. Financial statement preparers told the board that existing rules establishing different balance sheet presentation requirements were unnecessarily complicated. FASB now says companies should treat debt issuance costs as they do debt discounts in the balance sheet, deducting ...
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International Speedway Appoints New Board Member
International Speedway Corporation this week announced the appointment of Larree Renda, executive vice president of Safeway, and the re-election of four members to the company's board of directors. Details inside.
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Publicis Groupe Appoints General Counsel
Paris, France-based Publicis Groupe, a digital, technology, and consulting company, has appointed Joseph LaSala general counsel. He replaces Eric Antoine Fredette, who is moving on to a new career opportunity.
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France Lags Behind in Global Corruption Fight
France has drawn international attention amid a string of scandals that engulfed some of the country’s largest companies. When compared to the United States, experts believe that French authorities are more lenient on wrongdoing. The Organization of Economic Cooperation and Development is “seriously concerned” by the country’s “lackluster response” toward ...
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New Disclosures for U.K. Companies on Owner Registry
The British Parliament recently signed off on new legislation that calls for more information about the true owners behind U.K. companies. According to Transparency International, the U.K.’s property market is a conduit for “corrupt capital stolen from around the world.” Current regulations allow U.K. properties to be owned by secret ...