All articles by Kyle Brasseur – Page 19
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News BriefADT discloses ICFR weaknesses related to impairment calculations
Home security company ADT said it will restate several of its recent financial statements after discovering errors in its calculation of goodwill impairment losses at its solar reporting unit.
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News BriefEU adopts Privacy Shield replacement for U.S. data transfers
The European Commission announced it adopted a new agreement with the United States to allow for transatlantic data flows without fear of violating the European Union’s General Data Protection Regulation.
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News BriefEU proposal eyes clearer GDPR cross-border case guidelines
The European Commission seeks to combat longstanding issues under the General Data Protection Regulation regarding cross-border cases with new proposed rules.
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PremiumFRC 2022/23 audit inspections: Big Four steady; BDO and Mazars improve
The U.K. Financial Reporting Council noted overall improvement in annual inspection and supervision results for the largest audit firms for a fourth consecutive year as part of its latest quality review.
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PremiumTPRM Summit takeaways: Tech risks, board and audit relationships
The impact of new technologies like generative artificial intelligence on the third-party risk management landscape was among the points of discussion addressed at Compliance Week’s TPRM Summit in Atlanta.
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News BriefPwC Australia removes chief risk officer after tax scandal review
PwC Australia exited eight partners, including its former chief risk and reputation officer, following an investigation into the sharing of confidential government tax policy information at the firm.
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News BriefCourt delays enforcement of CCPA changes to March 2024
Changes to the California Consumer Privacy Act expected to take effect July 1 have been stayed until March 2024 following a ruling from the Sacramento County Superior Court.
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News BriefCCO among 12 individuals charged in DOJ, SEC insider trading sweep
The Department of Justice and Securities and Exchange Commission announced charges against a dozen individuals across four separate insider trading cases, including an alleged scheme involving the chief compliance officer of an international payment processing company.
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News BriefCenCal Health to pay $49.5M in wider DOJ false claims case
County-organized health system CenCal Health and three other healthcare providers agreed to pay a total of $68 million across settlements with the Department of Justice regarding alleged false claims submitted under California’s Medicaid program.
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News BriefPwC, KPMG fined over audit lapses at Eddie Stobart Logistics
The U.K. Financial Reporting Council separately penalized Big Four audit firms PwC and KPMG for deficiencies in their work at transport company Eddie Stobart Logistics for the financial years ended 2018 and 2017, respectively.
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News BriefAPRA pressures Medibank on cyber enhancements post-breach
The Australian Prudential and Regulation Authority will require Medibank Private to hold 250 million Australian dollars (U.S. $166 million) in extra capital until the insurer remediates identified cybersecurity weaknesses after a significant data breach.
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News BriefCiting SVB failure, bill proposes big bank chief risk officer mandates
A bill proposed by a House Democrat would require large banks to have a chief risk officer and notify relevant regulators when the position becomes vacant.
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News BriefFATF flags Cameroon, Croatia, Vietnam on AML/CFT watchlist
The Financial Action Task Force added Cameroon, Croatia, and Vietnam as part of the latest updates to its so-called “grey list” of jurisdictions under increased monitoring for money laundering and terrorist and proliferation financing.
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News BriefFrench DPA fines adtech firm Criteo $44M under GDPR
Adtech firm Criteo was assessed a penalty of €40 million (U.S. $44 million) for multiple alleged violations of the General Data Protection Regulation, including failing to verify it gained consent to process the data of European Union citizens.
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News BriefMarcum fined $13M for control failures magnified by SPAC client boom
Marcum agreed to pay $13 million in penalties levied by the Securities and Exchange Commission and Public Company Accounting Oversight Board for alleged quality control failures stemming from the audit firm’s work with special purpose acquisition company clients.
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News Brief
Insight Partners fined $1.5M over excess fees, conflicts of interest
Insight Venture Management agreed to pay a $1.5 million penalty in settling with the Securities and Exchange Commission for allegedly overcharging management fees and failing to disclose conflicts of interest regarding fee calculations.
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News BriefStanley Black & Decker avoids fine in SEC executive perks case
Tool manufacturer Stanley Black & Decker avoided a civil penalty in settling with the Securities and Exchange Commission regarding alleged violations of executive perk disclosure rules.
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News BriefLawsuit: Ex-Grindr privacy chief alleges firing over red flags raised
The former chief privacy officer at Grindr is suing the company behind the LGBTQ dating app for wrongful termination regarding alleged privacy violations he raised that new management ignored.
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News BriefPIMCO to pay $9M in SEC disclosure, policy failure settlements
Pacific Investment Management Company agreed to pay a combined $9 million to resolve two separate actions brought by the Securities and Exchange Commission regarding alleged violations of the Advisers Act.
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News BriefFCC forms consumer data privacy task force
The Federal Communications Commission announced the launch of a new task force to coordinate privacy and data protection efforts at the agency, which oversees a telecommunications industry often targeted by cybercriminals.