All Compliance Week articles in Web Issue – Page 612
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BlogLawsuit challenges legality of Labor Dept. fiduciary rule
A coalition of business groups is suing to strike down the Department of Labor’s recent “fiduciary duty” rule, calling it “over-reaching” with an end result that “will restrict hardworking Americans’ access to retirement advice and planning services.” Joe Mont provides details on the suit being brought by the U.S. Chamber ...
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Blog
SEC Names Christopher Hetner as Senior Advisor on Cybersecurity
Just two weeks after SEC Chair Mary Jo White identified cybersecurity as the "biggest risk facing the financial system," the SEC further strengthened its focus in this area by naming Christopher R. Hetner to the newly-created position of Senior Advisor to the Chair for Cybersecurity Policy.
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Blog
SEC’s 10-K amendment clarifies use of summary statements
The SEC has approved an interim final rule that clarifies how Form 10-K filers may provide a summary of business and financial information contained in the annual report. It implements a provision of the Fixing America’s Surface Transportation (FAST) Act. Joe Mont provides an in-depth look at the rule.
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Blog
Two former Deutsche Bank employees indicted on fraud charges
The Department of Justice announced today the indictment of two former Deutsche Bank traders—the bank’s supervisor of the pool trading desk in New York and a derivatives trader in London—for their alleged roles in a scheme to manipulate the USD London InterBank Offered Rate, a benchmark interest rate to which ...
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Blog
The ‘I did not apply my mind’ defense to insider trading
Enforcement blogger Bruce Carton looks at a recent insider trading case, in which South Africa’s securities regulator agreed to reduce the defendant’s penalty because he claimed he “did not apply his mind to the applicable legislation at the time of the trading” but was now deeply sorry for his actions.
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Resource
PDF Document Accessibility: Regulation, Risks, and Solutions for Compliance
As the aging population and the number of people with visual impairments increases, the awareness and demand for content in accessible formats has also gone up. It is critical for businesses to understand the applicable legislative requirements for providing online and document accessibility, as well as the solutions to achieve ...
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Blog
Transparency penalty? Companies pondering revenue adoption, beware
Companies that are considering how they will adopt the new revenue standard should take into account whether they might expect to access the capital markets in a stock offering anytime soon after putting the new accounting to work. It could affect just how much revenue they’ll need to restate. Tammy ...
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Blog
Tone at the top and (former) CEO consulting
What does retaining a disgraced CEO as a consultant tell you about tone at the top?
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Blog
KPMG names new executive director
Jose Rodriguez has been named partner in charge and executive director of KPMG’s Audit Committee Institute.
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Blog
Compliance Map tracks country of origin in complex supply chains
The Compliance Map, a developer of environmental compliance software and supply chain solutions, has launched the Compliance Map Origin Determination Module, designed to simplify origin tracking within a complex manufacturing supply chain.
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Article
The ABCs of GRC
The latest edition of the GRC Illustrated edition, sponsored by Compliance Week and OCEG, looks at the ABCs of GRC: Aware, Bespoke, and Confident. Together these three offer the opportunity for greater success that most organizations have failed to grasp, at least up until now.
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Resource
Top Minds
Compliance Week, the leading news, analysis and information resource for the ethics, governance, risk, and compliance profession, is proud to announce the launch of Top Minds 2016, a special issue that profiles a dozen of the most influential thought leaders in the ethics and compliance field today.
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Article
How CCOs went from a board-level afterthought to a strategic partner
In a perfect world, chief compliance officers should not be an afterthought for the board of directors, but rather a strategic partner. Joe Mont recaps a CW 2016 panel discussion on strategies CCOs can take to gain the ear, if not mindshare, of directors.
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Blog
Adopting the 2013 COSO framework: fiscal 2015 update
Data gathered by Protiviti and Audit Analytics from fiscal 2015 annual reports show that the implementation of the COSO framework for audited internal control over financial reporting is almost complete: 96 percent of companies reviewed used the 2013 Framework, in comparison to 82 percent for fiscal 2014. Tammy Whitehouse reports.
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Blog
Fraudsters have tech edge over companies, KPMG study shows
A study from KPMG that looks at fraudster’s typical profile says perpetrators are gaining an edge over corporate anti-fraud controls by making better use of technology than the companies they route. The report says weak controls were a factor in 61 percent of frauds through 2016. More study details from ...
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Blog
Former CalPERS CEO gets four years in prison
A California federal judge yesterday sentenced the former chief executive officer of the California Public Employees Retirement System to four years and six months in prison for engaging in a bribery and corruption scheme.
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Article
Discussing the many facets of disclosure effectiveness
The SEC is seeking comment on nearly 350 questions regarding the Commission’s Regulation S-K effectiveness review. At last week’s Compliance Week conference, Karen Garnett of the Division of Corporate Finance headlined a panel discussion on the process thus far. Joe Mont has more.
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Article
Defining compliance program effectiveness
During a keynote panel at Compliance Week 2016, enforcement officials from the Securities and Exchange Commission and the Department of Justice spoke candidly about compliance program effectiveness, personal liability, and more. Jaclyn Jaeger reports.
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Blog
Expanded auditor report: take two
The PCAOB has issued a reproposal to amend and expand the auditor’s report, keeping in mind a similar proposal from the United Kingdom’s Financial Reporting Council. Columnist Robert Herz says the U.K. proposal has been well received and signals a fundamental change in auditor reporting across the world.