Appointment Blogs | Compliance Week – Page 47
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SEC plans focus on internal controls at year-end
Given big changes companies are undertaking in their accounting processes, staff at the SEC plan to pay special attention to internal controls.
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SEC disciplines Crowe, two partners over audit failures
The SEC has settled charges against Crowe and two of its partners for “significant audit failures” connected to a payroll services firm that went bankrupt.
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U.K. government further tightens AML net
A reform package introduced recently by the U.K. government aims to increase transparency and tackle corruption in limited partnerships.
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Broadridge Financial Solutions, Workiva announce partnership
Fintech company Broadridge Financial Solutions and enterprise management software provider Workiva have announced an alliance to streamline shareholder communications.
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PCAOB finalizes new standards on estimates, specialists
Auditors have new rules to follow in auditing accounting estimates and in relying on the work of specialists to arrive at audit opinions.
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ISACA issues COBIT 2019 to help reboot IT governance
ISACA has updated its COBIT framework and issued some accompanying guidance to help companies refresh their information and technology governance.
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FASB plans January roundtable to address CECL tension
Amid growing tension over a pending new standard on recognizing credit losses, the Financial Accounting Standards Board says it will convene a roundtable in January.
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SEC expands use of Regulation A exemption
The SEC has enacted new rules that allow Exchange Act reporting companies to use the Regulation A exemption from registration for their securities offerings. Regulation A provides an exemption from registration for offerings of securities up to $50 million in a 12-month period.
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CFPB’s name game reaches its endgame
In one of her first moves since taking charge of the CFPB, Director Kathy Kraninger has spiked a controversial initiative to rename and rebrand the agency.
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SEC rule targets hedging of equity compensation
New SEC rules will require companies to file an annual meeting proxy statement that discloses whether employees and directors are allowed to hedge any decrease in the market value of equity securities granted as compensation.
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Banking regulators approve CECL relief measure
Banking regulators issued some relief for banks worried about the effects of adopting CECL, but bankers are still concerned it won’t go far enough.
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How Hain Celestial improved its revenue recognition practices
The Hain Celestial Group recently settled charges with the Securities and Exchange Commission resulting from weaknesses in its internal controls. Why the food company was not assessed a monetary penalty is where the compliance lessons lie.
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BNY Mellon to pay $54M for improper handling of ADRs
The Securities and Exchange Commission on Dec. 17 announced that Bank of New York Mellon will pay more than $54 million to settle charges of improper handling of “pre-released” American Depositary Receipts.
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UBS Financial Services to pay $14.5M for anti-money laundering failures
UBS Financial Services has been ordered to pay a $14.5 million civil penalty for willful violations of the Bank Secrecy Act, the Financial Crimes Enforcement Network announced on Dec. 17.
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Walmart global CCO to leave company
Jay Jorgensen, the global chief ethics and compliance officer at Walmart, is leaving the company Jan. 31 to pursue other opportunities, according to an internal company memo. Daniel Trujillo, Walmart’s senior vice president and international chief compliance officer, will replace him.
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PCAOB names Megan Zietsman chief auditor
The Public Company Accounting Oversight Board announced that it has named Megan Zietsman chief auditor and director of professional standards.
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GE audit committee considers replacing KPMG as auditor
GE’s audit committee has initiated a tender process to consider replacing KPMG as its external auditor.
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May survives ‘no confidence’ vote over Brexit handling
British Prime Minister Theresa May withstood a parliamentary “no confidence” vote, keeping her efforts for a U.K. exit from the European Union on track, if not any less contentious and fragile.
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PCAOB plans continued focus on review controls in 2019
The PCAOB saw some improvement in the audit of management review controls during its 2018 inspections, but it’s still an area of focus into 2019.
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FRC issues corporate governance principles for private companies
The Financial Reporting Council (FRC) issued its long-awaited corporate governance standards for private companies, providing a framework to help the companies meet legal requirements and improve and disclose their governance.