All Compliance Week articles in Web Issue – Page 543
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Blog
Investors left in the dark over SEC auditor independence charge
The SEC may have fined EY for auditor independence violations, but investors in at least one company likely have no idea that the company’s audits may be tainted. Tammy Whitehouse has more.
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Poll: When will Fairfax and Peirce be confirmed as SEC commissioners???
Bruce Carton asks: Does anyone remember waaaaaaaaaaaay back in October 2015 when President Obama nominated Lisa Fairfax and Hester Peirce as SEC Commissioners? Please take a CW poll on when these nominees will be confirmed.
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OCC pitches resolution plan for uninsured national banks
The Office of the Comptroller of the Currency has proposed a rule that would establish a framework to place uninsured national banks into receivership, contributing “to the broader stability of the federal banking system.” Joe Mont reports.
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Flashback to 2005: SEC’s Piwowar seeks feedback on review of old rules
The SEC has published its annual list of rules scheduled for a mandated “lookback,” a weeding out of old, outdated requirements. Commissioner Michael Piwowar, lamenting a lack of comment in the past, is urging greater participation. Read more from Joe Mont.
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Sir Andrew Witty successor named: GSK revisited
Tom Fox looks at Sir Andrew Witty’s career as chief executive of GlaxoSmithKline, as the CEO recently resigned and was replaced by Emma Walmsley.
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In a heated campaign season, don’t forget about compliance
Joe Mont takes a look at the campaign trail and the tendency for companies to get political at their own peril, as avoiding regulatory and reputational risk requires policies and audits to ensure compliance with a panoply of federal and state laws.
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SFO investigates Airbus for fraud, bribery, and corruption
Five years after the Bribery Act, the Serious Fraud Office has yet to produce a major conviction. Will Airbus—the latest aerospace company under investigation—be its first big collar? Neil Hodge reports.
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Mind the pay gap, especially if you are older and a mother
New rules from the U.K. government requiring firms with 250 or more employees to publish specific details on pay, including compensation differences between the sexes, should put a dent in the male/female wage gap. Paul Hodgson reports.
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FASB offers more narrow corrections to new revenue rule
FASB has issued another proposed update to the massive new standard on revenue recognition to address more technical corrections and upgrades on a handful of narrow issues. Tammy Whitehouse has more.
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Whistleblower awards and new scrutiny of SEC enforcement
The SEC’s successful whistleblower bounty program is raising some very interesting questions about the future of whistleblowing in general. Tom Fox reports on the agency’s recent enforcement actions.
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Memo to Telia, Deutsche Bank: Do not negotiate with the DOJ in public
While Telia Co. and Deutsche Bank are looking to publicly war with the Justice Department over upcoming penalties, they should be learning by Avon Product’s example, says Tom Fox—the firm initially suggested a $12M fine and ended up paying a cool $135M.
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FASB adopts eight new cash flow classification rules
After years of nebulous guidance around three major issues of cash flow statements—operating, investing, and financing—FASB is making major clarifications. Tammy Whitehouse reports.
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Extractive payments rule creates FCPA pitfalls for petroleum and mining companies
Energy and mining companies will need to take extra care to comply with updated SEC requirements involving disclosures on payments made to foreign companies. Jaclyn Jaeger has more.
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State of Compliance 2016: Aligning compliance with business strategy
A new study by PwC notes that compliance programs work best when they are deeply integrated with an organization’s overall business strategy, reports Jaclyn Jaeger.
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The many compliance lessons of Wells Fargo
What should compliance officers take away from Wells Fargo employees secretly opening unauthorized deposit and credit card accounts for their customers? Joe Mont looks at the important lessons.
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EY settles two auditor independence cases with SEC
EY has agreed to a $9.3 million settlement of auditor independence charges with the SEC in two cases where auditors got too close to public company audit clients. Tammy Whitehouse reports.
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NYDFS regulator joins Guidepost Solutions
Daniel Burstein, who most recently served as Executive Deputy Superintendent and Acting Chief of Staff for the New York State Department of Financial Services, has joined Guidepost Solutions, a compliance, investigations and risk management firm.
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Kroll names new managing director in Investigations and Disputes Practice
Kroll, a risk mitigation, compliance, security, and incident response solutions provider, has appointed Nicole Lamb-Hale as a managing director in the Washington, D.C., office of Kroll’s Investigations and Disputes practice.
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FTI Consulting expands Forensic Accounting & Advisory Services Practice
Global business advisory firm FTI Consulting has added five professionals to the firm’s Forensic Accounting & Advisory Services practice within its Forensic & Litigation Consulting segment. The expansion of the practice includes the addition of Senior Managing Directors Stephanie Lhomme, Patrick Pericak and Nigel Webb, and Managing Directors Irumire David ...
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Why pre-acquisition due diligence and post-acquisition remediation are so critical
Tom Fox looks at a recent SEC settlemenf for and FCPA enforcement action against Jun Ping Zhang, which makes clear the need for robust pre-acquisition due diligence.