All Compliance Week articles in Web Issue – Page 575
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Blog
PCAOB tries again for rule to expand audit report
The Public Company Accounting Oversight Board has issued a new proposal to expand the current pass-fail audit report in a way that would give investors more information about what auditors do and what they learn during the course of their work.
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BlogOECD: More countries commit to tackle tax evasion
The Organization for Economic Cooperation and Development and the Global Forum on Transparency and Exchange of Information for Tax Purposes has announced that Bahrain, Lebanon, Nauru, Panama, and Vanuatu are now committed to sharing financial account information automatically with other countries. Jaclyn Jaeger has more.
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Copeland Capital Management names chief compliance officer
Copeland Capital Management has named Sofia Rosala general counsel and chief compliance officer.
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GI Dynamics appoints chief compliance officer
Medical device company GI Dynamics has appointed Brian Callahan to the position of chief compliance officer and executive vice president clinical, regulatory and quality.
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Blog
The Yates Memo and the new normal for individual enforcement
In a speech before the New York bar, Justice Department Deputy Assistant Sally Yates detailed some of the effects the Justice Department has already seen from the Yates Memo, released last September, including a larger focus on individual actor culpability and a drive by DoJ lawyers to identify the individuals ...
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Article
Seeking to squash mandatory arbitration, CFPB proposal draws praise and venom
The Consumer Financial Protection Bureau is moving ahead with a proposed rule that will prohibit mandatory arbitration clauses. While proponents agree with the Bureau’s assertion that class-action lawsuits provide a more effective means for consumers challenging problematic practices, pro-business groups see the rule as a deathblow for financial services arbitration ...
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Article
Calls to reform False Claims Act revisited
Is it time to reform the False Claims Act? The answer depends on whom you ask, says Jaclyn Jaeger. Critics argue that it leads to unfair penalties and unjust results for companies; others say it empowers whistleblowers to help the government conquer fraud.
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ArticleBleeding out: Theranos oozes with corporate governance lessons
A year ago, Theranos was a Silicon Valley health tech “unicorn” praised for breakthrough advancements in blood testing. Now it’s under civil and criminal investigation for defrauding investors. The role Theranos’ board has played in this is already shaping up to be a pointed object lesson for board best practices ...
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Blog
A blizzard of corruption has 2016 off to a roaring FCPA start
There has been enough foreign corruption turmoil in the first few months of 2016 that one almost doesn’t want to see what the rest of the year has in store. It’s the kind of year where, already, the Petrobras and Dieselgate scandals seem like a century ago. Tom Fox reports.
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Blog
SEC approves PCAOB rule on naming engagement partners
The SEC has given final approval to a PCAOB rule requiring audit firms to complete a new filing on Form AP to provide the name of the engagement partner on each audit engagement. Meanwhile, Tammy Whitehouse reports, the PCAOB is attempting once again to expand the audit report.
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Article
New revenue recognition rules prompt wide variety of adoption strategies
With new revenue recognition rules fast approaching, public companies everywhere are preparing as best they can, but an uncertain future awaits everyone. Tammy Whitehouse looks at what’s behind implementation delays.
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FASB finishes revenue recognition amendments
FASB has issued final amendments to the revenue recognition standard to clarify such aspects as how to assess certain collectibility criteria, how to present sales tax collected from customers, how to reflect non-cash consideration, and more. Tammy Whitehouse reports.
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BlogWomen on boards: non-executive progress, executive stagnation
A new study of female representation on boards ranks Norway first, with women comprising, on average, 38.7 percent of total board membership. Switzerland ranks dead last, with average representation of women at just 16.1 percent. Paul Hodgson provides an in-depth look at the results.
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Article
Is this U.K. Shareholder Spring III?
Amid numerous shareholder revolts at U.K. companies over executive pay, Paul Hodgson examines how, since pay votes became binding two years ago, the shareholders themselves are wasting no time to exercise their power in which might be less of a demonstration and more of a revolution.
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SEC scrutinizing revenue judgments under new and old rules, deputy warns
As new standards on revenue recognition, leases, and more will touch trillions of dollars on corporate balance sheets, SEC Deputy Chief Accountant Wesley Bricker advises companies to explain to investors what is changing, why it’s changing, how it will change, and when. Tammy Whitehouse has more.
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Blog
A step toward the light of transparency, but only a small step
The U.S. government is now requiring banks to obtain the identifies of those they do business with—a rule, notes Tom Fox, that is long overdue. But criticism of the rule could point to a greater need for legislation to streamline the current system around the creation of corporations. Will Congress ...
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Blog
New legal liabilities after Panama Papers?
The Man From FCPA, Tom Fox, looks at the implications behind the United Kingdom’s new mandate that banks selling to offshore companies in “murky territories” will be held responsible if it facilitates tax evasion by wealthy individuals, and how that mandate relates to anti-corruption compliance.
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Blog
Siemens to pay $42 million in Israel bribe case
German electrical and engineering giant Siemens has agreed to pay a USD$42 million penalty to the Israeli government for bribes it paid to officials of state-owned Israel Electric in exchange for a contract to supply turbines more than ten years ago. Jaclyn Jaeger reports.