All Compliance Week articles in Web Issue – Page 566
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Blog
Unaoil initiates legal action against Fairfax Media
Unaoil this week said in a statement that it has instructed its lawyers to commence legal action against Fairfax Media and its partners in relation to the malicious and damaging allegations negligently published by these media organizations. Jaclyn Jaeger reports.
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Blog
Big 4 polls say companies are stalled on big accounting changes
More Big 4 surveys on big accounting changes suggest companies are starting to face a kind of paralysis over how to move forward and make it all work. On revenue recognition a recent KPMG poll suggests the vast majority of companies are still trying to digest how it will affect ...
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Blog
Justice Department: Biomet violated deferred prosecution agreement
The Department of Justice said in a court filing this month that it has determined that Biomet breached the terms of a deferred prosecution agreement that the medical device maker entered into with the government in 2012. Jaclyn Jaeger reports.
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Blog
FINRA announces CEO transition
The Financial Industry Regulatory Authority’s Board of Governors has concluded its CEO search, and appointed Robert Cook as president and chief executive officer, effective the second half of 2016. Cook will succeed Richard Ketchum, who has served as chairman and CEO since 2009. Joe Mont has more on the transition.
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Blog
COSO offers up new ERM framework for review
The Committee of Sponsoring Organizations of the Treadway Commission, or COSO, has unveiled a proposed redraft of its 2004 ERM framework. “We wanted to create a more robust focus on risk in the strategic planning process,” says PwC Partner Dennis Chesley, a lead partner for the revision project. Tammy Whitehouse ...
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Article
Panama Papers still a ‘gift’ that keeps on giving for compliance officers
What’s next for the infamous Panama Papers scandal? As governments around the world craft opportunity from crisis with various new rules and regulations, CCOs at financial institutions may find themselves at an inflection point. The challenge: how to leverage all that once-hidden data on shell companies? Joe Mont reports.
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Article
Integrating technology into compliance programs still poses significant challenges
Implementing powerful technologies to improve compliance programs isn’t exactly like waving a magic wand. It requires a great deal of collaboration, time to interpret relevant data, patience, trial and error, and a vision for how to harness the full potential of a category of tool nobody is really certain how ...
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Article
LendingClub could teach Theranos a thing or two about crisis management
Relatively young, technology-based companies face special difficulties when dealing with crises. Their focus on market disruption and their lack of established credibility make earning public trust even more difficult. And yet, LendingClub shows how it can be done at a time when Theranos certainly failed the crisis management test. David ...
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Article
Don’t go it alone: working with other functions
During a panel discussion at Compliance Week 2016, ethics and compliance officers came together to discuss both the challenges and opportunities associated with working with other functions and how to minimize turf wars and silos while enhancing the compliance program. Jaclyn Jaeger reports.
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Article
The case for principles-based accounting
The debate over which is the better accounting standards philosophy–principles or rules—rages on. As a 40-year veteran of the auditor and preparer community, IASB member Gary Kabureck is lending his unique perspective to the discussion.
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ArticleNew effort to repeal, replace Dodd-Frank Act is most ambitious yet
One of the most vigorous assaults yet on the Dodd-Frank Act came on June 7 from House Financial Services Committee Chairman Jeb Hensarling (R-Texas). Joe Mont looks at the implications of Hensraling’s Financial CHOICE Act, his plan “to replace the Dodd-Frank Act and promote economic growth.”
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Blog
Court rules SEC need not reimburse deponents for 'bacchanalian adventure'
Bacchus is the Roman god of wine and intoxication (equated with the Greek Dionysus). "Bacchanalia," or orgies in honor of Dionysus, were introduced in Rome around 200 BCE but eventualy got so out of hand that they were forbidden by the Roman Senate in 186 BCE. Roughly 2,000 years later, ...
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Blog
FASB proposes guidance on how to reflect non-financial asset shed
FASB is offering yet another accounting proposal meant to help smooth over implementation of the new revenue recognition standard. The change would apply to an area of the Accounting Standards Codification that was amended to comply with the new revenue standard in order to aid compliance with the rules around ...
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Blog
SEC issues order permitting Inline XBRL
The SEC is now allowing companies to comply with their XBRL filing requirement by integrating tagged data into HTML filings, hopeful that companies will take advantage of the voluntary allowance to improve the quality of data and perhaps even reduce the cost of compliance. Tammy Whitehouse has more.
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Blog
David Gelfand returns to Cleary Gottlieb
David Gelfand, formerly the Deputy Assistant Attorney General for Litigation of the Antitrust Division of the Department of Justice, will return to the law firm Cleary Gottlieb Steen & Hamilton as a partner in July.
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Blog
On the myth of the ‘rogue employee’
Companies often use the myth of the “rogue employee” to try and absolve themselves from liability. But organizational wrongdoing is rarely the work of just one person, says FCPA blogger Tom Fox. More from Fox inside.
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Blog
Of shell companies, law firms, and the FCPA
An interesting development in the continued fallout from the Panama Papers may portend a new trend in Foreign Corrupt Practices Act enforcement. Tom Fox takes a look at NML Capital’s lawsuit against Mossack Fonseca for obstruction of justice.