All Compliance Week articles in Web Issue – Page 632
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Blog
Las Vegas Sands pays $9 million for FCPA violations
Las Vegas Sands has agreed to pay a $9 million penalty to the Securities and Exchange Commission to settle charges that it violated the Foreign Corrupt Practices Act by failing to properly authorize or document millions of dollars in payments to a consultant facilitating business activities in China and Macao.
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Blog
PCAOB prepares new rule on outside auditors, reviews EQR standard
The PCAOB has scheduled an open meeting to consider a proposed new requirment around firms relying on others outside the principal firm to assist with audit work. The new proposal would address the lead auditor’s responsibilities with respect to those other auditors from outside the principal audit firm who participate ...
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Blog
Yamana Gold discloses fees for ESG assurance
A gold mining company’s recent disclosure of its cost for obtaining assurance with respect to its use of conflict materials might be the first of its kind, but the lack of standards in this area, coupled with a lack of independent third-party assurance points to a need for higher-quality reports ...
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Blog
What depreciation at Intel says about Moore’s Law
A recent earnings statement by one of the world’s leading semiconductor manufacturers offers what looks like good news at first blush, but in reality might suggest that a bigger, and more negative trend might be underway. At the heart of it: a potential slowdown in Moore’s Law itself, the law ...
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Blog
CFTC whistleblower program finally scores big with $10 million award
Image: The Commodity Futures Trading Commission had been off to a slow start with its Dodd-Frank whistleblower program, having paid out just two awards totaling $530,000 over the entire life of the program. That changed dramatically last week, however, when the CFTC announced a huge award of more than $10 ...
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Blog
‘Routine’ vote to finally approve two SEC commissioner nominees blocked
Image: The struggle to add two commissioners to the SEC drags on, leaving SEC Chair Mary Jo White (left) and two other SEC commissioners to do the work of what is supposed to be a five-member commission. The most recent development in this saga came yesterday, when a supposedly “routine” ...
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Blog
Ruling that rescinded MetLife’s SIFI status made public
A ruling that rescinded MetLife’s designation as a systemically important financial institution by the Financial Stability Oversight Council has been made public following an agreement to do so by both parties. U.S. District Judge Rosemary Collyer found that the FSOC’s designation process failed to follow both internal guidelines and external ...
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Blog
PCAOB delivers searing inspection report to BDO USA
BDO USA received a scathing 2014 inspection report from the PCAOB. Among the 23 audits the board selected for inspection, 17, or 74%, had issues, a record high rate among major firms. Of the 17 busted audits, 15 contained problems in both the audit of financial statements and the audit ...
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Blog
PCAOB reports compliance with communications standard
Image: The PCAOB said it is “encouraged” that most firms have complied with Auditing Standard No. 16, a standard governing communication with audit committees, as the board found no failures to comply in 93 percent of the audits reviewed in the 2014 inspection cycle. “The communication between an audit firm ...
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Blog
Crackdown on tax inversions blamed for killing Pfizer/Allergan merger
The Treasury Department has issued temporary and proposed regulations intended to limit the use of corporate tax inversions by undermining their benefits. Included are rules to address earnings stripping, a commonly used technique to further minimize taxes. Within hours of their issuance, pharmaceutical giant Pfizer terminated its $150 billion merger ...
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Article
How the Panama Papers uncovered a global cornucopia of corruption
Working from one of the most ambitious whistleblower tips of all time, more than 370 journalists in 80 countries embarked on a year-long effort to parse through leaked files from the Panama-headquartered law firm Mossack Fonseca.
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Blog
Beyond complying with the Modern Slavery Act
Companies troubling over how to report due diligence procedures on eliminating human trafficking under the U.K. Modern Slavery Act have been given some help. A new guide from U.K.-based civil society organizations advises companies on how to embed such procedures into their reports. Although the reports are certainly important, says ...
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Event
European Academic Conference on Internal Audit and Corporate Governance
Rotterdam11111 RotterdamNetherlands
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Blog
AmBank Group appoints chief compliance officer
AMMB Holdings today announced the appointment of Faradina Mohammad Ghouse as igroup chief compliance officer, effecitve as of March 15.
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Article
ISO 37001 anti-bribery standard gains momentum
Image: The push to adopt ISO 37001, a uniform set of international anti-bribery management system standards, is gaining momentum on a global scale and ultimately will raise the bar for compliance officers looking to reinforce their anti-bribery compliance programs. “This is the first time that you will have an internationally ...
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Blog
Braid Group to pay £2.2 million in bribery case
Scotland’s prosecution service this week announced a £2.2 million civil settlement with Braid Group (Holdings), a Glasgow-based diversified global logistics company to resolve allegations that it obtained business through unlawful conduct. In a statement, Linda Hamilton, head of the Civil Recovery Unit, said that “Braid is to be commended for ...
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Article
Longer case closure times boost risk of whistleblowers reporting externally
Employers are taking longer and longer to act on internal whistleblower reports, which can frustrate employees who have been encouraged to step up and report what they see as unacceptable behavior. As reporters find their concerns languishing in limbo, the chances they might simply take their issue to an outside ...
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Blog
FASB offers guidance on hedge accounting complexities
Image: Hedge accounting can help organizations manage exposures that range from changing interest rates to counterparty credit risk. But the rules that govern hedge accounting are extremely detailed and require close compliance consideration. CW columnist Robert Herz discusses how, with new regulations proposed, things are only going to get more ...
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Blog
Criminal Division launches new FCPA pilot program
Effective today, the Department of Justice’s Criminal Division has launched a one-year “pilot program” in the Fraud Section’s FCPA Unit as part of the agency’s effort to promote both transparency and accountability. At the end of the one-year pilot period, the Fraud Section will determine whether to extend or modify ...