All Compliance Week articles in Web Issue – Page 654
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Blog
10 More Things Related to Revenue Recognition
One year ago, CW columnist Scott Taub offered 10 initial thoughts on the then-brand new standard for revenue recognition. After working with companies to implement the standard and participating in FASB’s Joint Transaction Resource Group, Taub says he remains optimistic about revenue recognition. Now he has 10 more thoughts on ...
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Blog
Podcast: Spain’s New Corporate Compliance Defense
Image: Spain has been receiving a lot of attention for its corporate compliance defense. Not only did the country adopt new requirements to help root out corruption; it goes further than other nations have gone by mandating specific features that compliance programs must contain to qualify. In this podcast, Aaron ...
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Article
Hertz Restatement Drives Home Top-Level Control Issues
Image: Car rental kingpin Hertz Corp. is nearly finished with its sweeping restatement of several years’ worth of financial statements, and it’s giving compliance and audit executives plenty of cautionary tales to read. Its latest annual report outlines—in frank detail—more than a dozen failures, most of them in senior leadership. ...
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Article
Four Years On, Firms Still Struggle With CFPB Compliance
What have we learned in the four years the Consumer Financial Protection Bureau has been on the beat? For starters, it’s aggressive, returning $10 billion so far to consumers through enforcement actions. A solid understanding of the CFPB’s compliance program expectations remains elusive, and the mood among firms in the ...
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Article
How Comment Letters Could Shape the Pay Ratio Rule
When the SEC proposed its pay ratio disclosure rule in 2013, it included a list of nearly 60 questions for public comment. The response: 287,547 letters and counting, with plenty of ideas about dealing with foreign workforces, seasonal workers, employee exclusions, and Sarbanes-Oxley certification risks. As the final rule slouches ...
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Article
University Compliance Programs Taking Shape
Image: Big compliance changes are afoot in higher education, as more universities hire their first enterprise-wide compliance officer—a trend that took flight in 2013 and keeps on going. “[A]cademic medical centers aside, a central compliance function is a newer concept than in the corporate world,” says Robert Roach, CCO of ...
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Podcast
Podcast: Spain’s New Corporate Compliance Defense
Spain has been receiving a lot of attention recently for its corporate compliance defense. Not only did the country adopt new requirements to help root out corruption but it goes further than other countries have gone by mandating specific features that compliance programs must contain in order to qualify. In ...
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Blog
Mead Johnson Nutrition Pays $12M for FCPA Violations in China
Mead Johnson Nutrition will pay $12.03 million to settle civil charges that it violated books and records requirements of the Foreign Corrupt Practices Act when a China-based unit made improper payments at state-owned hospitals. The settlement, the result of an administrative proceeding, was detailed in an Offer of Settlement the ...
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Blog
FINRA Fines Goldman Sachs $1.8M for Trade Reporting Failures
Goldman Sachs Group has agreed to pay $1.8 million to resolve allegations by the Financial Industry Regulatory Authority that one of its units failed to accurately submit required trade reports, filed inaccurate trading data for more than eight years, and did not have adequate systems and controls in place ...
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Blog
Fiat Chrysler Will Pay $150M, Largest Ever NHTSA Penalty
Acknowledging violations of the Motor Vehicle Safety Act’s requirements to repair safety defects, Fiat Chrysler Automobiles has agreed to a $105 million civil penalty, the largest ever imposed by the National Highway Traffic Safety Administration. The automaker agreed to an independent monitor, approved by the NHTSA and in place for ...
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Blog
Stephen Van Meter is New CCO for Federated Investors
Federated Investors has appointed Stephen Van Meter as chief compliance officer, effective July 30. Van Meter, also appointed chief compliance officer of the Federated family of funds, replaces retiring CCO Brian Bouda.
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Blog
Kulka Named Global CCO for Sandard & Poor's Ratings Services
Standard & Poor's Ratings Services has appointed Holly Kulka as Global Chief Compliance Officer. She will be a member of Standard & Poor's Ratings Services' Executive Committee. Previously, Kulka served as executive vice president and deputy general counsel for Intercontinental Exchange, which acquired NYSE Euronext.
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Article
Q&A: How PetroTiger Avoided FCPA Prosecution
Image: As part of our occasional series of conversations with voices in the compliance world, we caught up with Timothy Treanor, a partner with law firm Sidley Austin who represented oil and gas company PetroTiger. In June, PetroTiger became just the second company in recent history of the Foreign Corrupt ...
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Blog
How Hard Is Audit Committee Reform? Here’s One Example
Image: The SEC has asked for public comment on possible changes to the disclosures audit committees are required to make, and let’s be honest: for a subject this thorny, the SEC needs all the help it can get. Compliance Week editor Matt Kelly explores one example of reform—communication between audit ...
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Blog
PCAOB Sanctions Small Firms for Quality Reviews
Audit regulators have disciplined seven small audit firms and some of their employees for lapses in internal reviews of audit engagement reviews. The PCAOB censured the seven firms, from across the country, together with seven individuals and the companies for their violations of Auditing Standard No. 7: Engagement Quality Review. ...
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Blog
AP Offers Up New Treasure Trove of SEC-Related Videos
The Associated Press made hundreds of thousands of video stories dating from 1895 to the present available on its YouTube channels. The newly available videos include countless clips that may be of interest to compliance professionals. The channel features clips such as the “House committee hearing on Madoff scandal” and ...
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Blog
New Executive Director Named for IIA-Canada
The Institute of Internal Auditors–Canada, has appointed Shelley Pelkey as IIA–Canada’s executive director. In her new role, Pelkey will oversee services for IIA members in Canada and coordinate programs with 12 Canada IIA chapters. Details inside.
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Blog
Appellate Court Allows Constitutional Challenge to CFPB
A small Texas bank scored a potentially big victory last week when a federal appeals court ruled that it has standing to challenge the constitutionality of the Consumer Financial Protection Bureau. The decision, overturning a 2013 district court ruling, rejected a similar challenge to the Financial Stability Oversight Council and ...
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Blog
LRN Expands Online Library of E&C Education
LRN, a provider of ethics and compliance knowledge solutions and advisory services, recently added ten new training courses to its online education library. Details on the new training courses, which feature a variety of topics, lengths and instructional styles, are inside.
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Blog
World Bank Procurement Framework Approved
The World Bank’s board of directors has approved a new policy governing the procurement of projects financed by the Bank. According to the World Bank, this “once-in-a-generation systematic reform and culture change” will allow it “to better respond to the needs of client countries, while preserving robust procurement standards throughout ...