All articles by Kyle Brasseur – Page 17
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News BriefPCAOB fines K G Somani over audit quality lapses
The Public Company Accounting Oversight Board announced a $125,000 penalty against India-based audit firm K G Somani & Co. for alleged violations of quality control standards.
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OpinionSEC’s latest whistleblower award worth note beyond $104M payout
The SEC announced a $104 million award split among seven whistleblowers, but the fact nearly a dozen claimants contacted the agency seeking to provide information related to one action should be notable to companies regarding the stakes of the current whistleblower landscape.
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News BriefWells Fargo fined $200M in latest SEC, CFTC off-channel comms sweep
The Securities and Exchange Commission and Commodity Futures Trading Commission continued their crackdown on financial firms’ recordkeeping failures regarding employee use of off-channel communications with $555 million in total fines levied against nine institutions and their affiliates.
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News BriefFed report highlights emerging cyber threats, including generative AI
The Federal Reserve listed the proliferation of generative artificial intelligence tools among areas of emerging cybersecurity threats for banks to monitor as part of its annual resilience report.
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News BriefAlbemarle reserves $219M for FCPA settlements
Chemical company Albemarle Corp. disclosed it is set to pay $218.5 million as part of proposed settlements reached with the Department of Justice and Securities and Exchange Commission regarding apparent violations of the Foreign Corrupt Practices Act.
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PremiumAA report: Inflation helps drive audit fees to all-time high
Average audit fees paid to external auditors by Securities and Exchange Commission registrants reached record totals in fiscal year 2022, according to the latest annual study.
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News BriefSEC risk alert flags staffing, policy weaknesses in AML compliance exams
Broker-dealers complying with anti-money laundering/countering the financing of terrorism requirements put forward by the SEC must be mindful of the resources they are providing for their programs during the current heightened risk environment.
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News BriefSenator pushes for probe into Microsoft’s ‘negligent cybersecurity practices’
Sen. Ron Wyden (D-Ore.) is calling on federal agencies to hold Microsoft accountable for “negligent cybersecurity practices” that played part in a Chinese hacking campaign that targeted U.S. government email addresses.
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News BriefPCAOB fines five in audit committee communications sweep
The Public Company Accounting Oversight Board announced penalties ranging from $30,000-$50,000 against five firms for violations regarding communications with audit committees as part of its latest enforcement sweep.
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News BriefBanking regs seek enhanced resilience with large bank capital reforms
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency proposed rulemaking designed to increase capital requirements for large banks and large-scale traders.
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News BriefReports: Germany targeting 2024 for new AML agency
Germany is set to establish its new Federal Bureau of Financial Intelligence as the country’s office overseeing monitoring and analysis of money laundering and sanctions enforcement, according to multiple reports.
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News BriefGuidance sets self-disclosure expectations for sanctions, export control lapses
Companies seeking credit for voluntarily self-disclosing potential violations of sanctions or export control laws must be mindful of the regimes at play from agencies including the DOJ, BIS, and OFAC and their differing expectations.
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News BriefLPL Financial fined $3M by FINRA over supervision lapses
LPL Financial was fined $3 million as part of a settlement with the Financial Industry Regulatory Authority over alleged supervision failures related to transmittal of customer funds and forged signatures by employees.
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News Brief
SEC adopts rule requiring cyber incident disclosures within four days
The Securities and Exchange Commission finalized its controversial rule requiring public companies to disclose the nature, scope, timing, and impact of cybersecurity incidents deemed to be material within four business days.
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News BriefPCAOB chair: Rising audit deficiency rates ‘completely unacceptable’
A steady increase in the rate of deficiencies observed by the Public Company Accounting Oversight Board during audit inspections the past three years has the head of the agency calling on firms to “make changes to turn things around.”
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News BriefFed fines UBS $269M for Credit Suisse’s Archegos failures
The Federal Reserve Board fined UBS $268.5 million regarding recent acquisition Credit Suisse’s credit risk management failures at collapsed U.S. hedge fund Archegos Capital Management. UBS also settled matters with U.K. and Swiss authorities.
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PremiumTech capabilities key to finance support of ESG reporting
Finance and accounting is increasingly relied on to provide support regarding companies’ ESG disclosures without being granted additional resources. Technology that enables automation serves as a solution to reduce this burden.
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News BriefU.K. corporate governance reforms target resilience, fraud assessment
The United Kingdom introduced for debate corporate reporting reforms that would require the country’s largest companies to set out their risk management and resilience strategies as part of required annual reporting.
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News BriefFTC, HHS warn hospitals over use of online tracking tech
The Federal Trade Commission and Department of Health and Human Services sent letters to approximately 130 hospital systems and telehealth providers regarding potential patient privacy violations and security risks stemming from online tracking technologies.
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News BriefTrump-linked SPAC settles SEC fraud charges for proposed $18M
Digital World Acquisition Corp. faces a penalty of $18 million as part of a settlement reached with the Securities and Exchange Commission regarding fraud allegations related to its dealings with Trump Media & Technology Group.