Appointment Blogs | Compliance Week – Page 305
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KPMG Draws Ire in 2013 Report; New Carping Over Old Quality Issues
The Public Company Accounting Oversight Board says KPMG failed to arrive at an adequately supported audit opinion in 46 percent of the audits the agency inspected in 2013, and it failed to satisfy quality control issues raised in earlier inspections. The PCAOB flagged 23 of the 50 audits that inspectors ...
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Few Countries Make Good on OECD Anti-Bribery Pledge
Oct. 23—Despite a 15-year-old promise to do so, many of the world’s leading economies are failing to do enough to prevent corruption and bribery. The Organization for Economic Co-operation and Development’s Anti-Bribery Convention, adopted in 1997, was a pledge by 41 countries to make foreign bribery a crime. Years later, ...
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Lawyerless Allen Stanford Files 299-Page Brief Appealing His Conviction
"Life comes at you fast," doesn't it Allen Stanford? (Just ask MC Hammer).One day you are have a net worth of $2.2 billion, an office with its own five-star dining room, movie theater, professional kitchen and wine bar, and island nations such as Antigua are granting you knighthood. The next ...
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SEC Plans Early 2015 Concept Release on Audit Committee Upgrades
Image: Title: WhiteThe SEC expects to issue a concept release in early 2015 exploring possible avenues for elevating the work of public company audit committees, according to SEC Chair Mary Jo White. In recent remarks, White said the staff will address issues around the relationship between the audit committee and ...
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Litigation Risks Still High on Corporate Radar, Survey Shows
Oct. 22—A new survey of European and U.S. corporate counsel and compliance officers showed that risks of litigation remain a major concern, with 88 percent reporting that the amount of legal disputes faced by their company in the past year has either stayed the same or increased. The annual survey, ...
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Regulators Jointly Approve New Risk Retention Rules
Image: Title: Regulators Jointly Approve NewOct. 23—The SEC has adopted final rules for the asset-backed securities market that will require securitizers to retain no less than five percent of the credit risk of the assets they securitize. The rule was adopted one day after the Federal Deposit Insurance Corporation, Federal ...
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U.K. Businesses in Spotlight in Massive Money Laundering Scheme
Image: Title: ClarkeOct. 22—An investigative report published last week by The Independent revealed that 19 businesses registered in the United Kingdom are under suspicion for involvement in a complex money laundering scheme that cleaned £12.5 billion in illicit money over four years. The report cited corporate secrecy laws that make ...
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Securities Docket Announces Inaugural Class of 'Enforcement Hall of Fame'
At the conclusion of Securities Enforcement Forum 2014 last week, Securities Docket announced the eight members of the inaugural class of its "Enforcement Hall of Fame." The Enforcement Hall of Fame honors the lawyers who have made the "most extraordinary contributions to, and impact upon, the field of securities ...
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Fed Official Warns Banks: Fix Culture Problem or be Downsized
Two Federal Reserve officials issued stern warnings regarding bank compliance efforts last week. William Dudley, president of the Federal Reserve Bank of New York, said that if financial institutions don’t fix their culture problem, they risk being broken apart. Meanwhile, Fed Governor Daniel Tarullo blasted banks that take a “check ...
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For FCPA Compliance, Don’t Forget the Internal Controls
They have been there all along, hiding in plain sight: the Foreign Corrupt Practices Act requirements for internal controls.The problem is that most compliance practitioners have not been reading them too carefully. What are internal controls in a FCPA compliance program? Aaron Murphy, a partner at Akin Gump and author ...
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Report: Fed Knew About, Failed to Stop JPMorgan's London Whale Trades
Oct. 21—The Federal Reserve failed to act on knowledge of high-risk trading activities at JPMorgan Chase’s London investment office and should shoulder blame for a $6 billion loss the bank suffered from its ill-fated “London Whale” derivatives trades in 2012. That criticism is leveled by the Fed’s Office of Inspector ...