All Compliance Week articles in Web Issue – Page 668
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Blog
PCAOB Explores Tension Over Internal Control Audits
Image: The PCAOB apparently is taking seriously complaints that its inspection process is driving unnecessary audit work. At a recent conference, PCAOB member Jay Hanson said the board has studied its inspection process to assure that inspections are not imposing new audit requirements. Still, he said, “we cannot rule out” ...
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Blog
AML and CFT Risks: No Easy Solutions
Image: By sad coincidence, Compliance Week held its first-ever conference in Dubai earlier this week, and the conversation inevitably turned to sanctions, money-laundering, and terrorism funding—just days after 130 people were killed in the Paris attacks. Compliance officers must pay attention to those issues like never before, editor Matt Kelly ...
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Blog
Metalogix ControlPoint 7.0 Provides Data Breach Risk Management
Metalogix, a provider of unified management software, recently announced the launch of ControlPoint 7.0. With new, embedded security intelligence, ControlPoint 7.0 delivers real-time situational awareness into suspicious SharePoint user activity to help prevent costly data breaches and leakages. More inside.
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Blog
Contractor Management Services Names Chief Compliance Officer
Contractor Management Services, a provider of compliance software and payment settlement services for companies that use independent contractors, has appointed Rebecca Collins as general counsel and chief compliance officer.
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Blog
Appellate Courts Tee Up Challenges to SEC In-House Proceedings
The issue of whether federal district courts have subject matter jurisdiction over challenges to the constitutionality of SEC administrative proceedings remains unsettled. Although the 7th Circuit found in favor of the SEC on this issue in August 2015, the controversial issue will soon be considered by both the 11th Circuit ...
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Blog
United Launch Alliance Names General Counsel
United Launch Alliance (ULA), a launch services provider, has named Thomas Tshudy as general counsel. Tshudy will replace Kevin MacCary, who announced his retirement earlier this year after serving in that role since the company began in 2006.
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Blog
Caldwell Offers More Details on Charging Decisions
During remarks this week at the American Conference Institute’s International Conference on the Foreign Corrupt Practices Act, Leslie Caldwell, assistant attorney general for the Justice Department’s Criminal Division, provided some additional insight regarding charging decisions in corporate prosecutions. “Greater transparency benefits everyone,” said Caldwell. More of her comments are inside.
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Blog
Yates and Caldwell Lay Out Their FCPA Expectations
Image: Deputy Attorney General Sally Yates (left) and Assistant Attorney General Leslie Caldwell talked last week about what they, and more importantly the Justice Department overall, expect from companies that want to receive as much credit as possible when embroiled in a Foreign Corrupt Practices Act investigation. What companies should ...
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Blog
SEC Proposes Rules for Alternative Trading Systems
The SEC has proposed rules intended to enhance regulatory oversight of alternative trading systems that, because of their off-exchange equity deals, are often described as “dark pools.” They would be required to disclose on a new Form ATS-N details about the activities of broker-dealer operators. The proposal also requires all ...
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Blog
Inspection Results Vary Even Within Global Networks, PCAOB Member Says
Image: Global affiliates of the six largest accounting firms turn in strikingly different inspection results compared with their U.S. affiliates. PCAOB research shows. Deloitte U.S., for example, has been reducing the rate of deficiencies in its inspections from 2011 through 2013, but Deloitte’s global affiliates have turned in much higher ...
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Blog
Is Social Media Considered ‘Real Monitoring’?
A recent survey by Compliance Solutions at Charles Schwab found that compliance officers spend 11 hours per week monitoring their employees’ personal brokerage accounts, while half are closely monitoring social media platforms. One of the main challenges that compliance officers face is chasing data, which are “owned” by other departments. ...
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Blog
SEC's Piwowar Takes Another Shot at 'Flawed' Enforcement Statistics
In a speech this week, SEC Commissioner Michael S. Piwowar took another swipe at the SEC's enforcement statistics, jokingly comparing them to financial statements in a "world where GAAP or other reporting standards did not exist."
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Piwowar: SEC Must Focus on Materiality, Not Social Issues
Image: Don’t believe the hype about divisiveness at the SEC. The increasingly common occurrence of split votes along party lines is a byproduct of Congressional mandates, notably through the Dodd-Frank Act, that wedge social issues into the disclosure regime at the expense of materiality. That’s the word from Commissioner Michael ...
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Resource
Free Guide: Building Better Vendor Risk Assessments
Improve the Quality & Efficiency of Your Vendor Risk ProgramDownload our informative white paper, Building Better Assessments, and you will learn how organizations like yours can improve third-party risk assessments while balancing regulatory pressures, business requirements, and budget constraints.Key topics include:Quality - How did you perform against your objectives during ...
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Blog
Study: Energy Sector Behind Spike in Goodwill Impairments
A TEXT released this week by Duff & Phelps finds that U.S. companies recorded $26 billion of goodwill impairment, an 18 percent increase from $22 billion in 2013. The increase was largely driven by oil and gas companies. The survey also uncovered a pronounced uptick in public companies’ use of ...
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Blog
Jumping on the VW Amnesty Microbus
Image: Last week Volkswagen offered amnesty to employees who admit any role they played in the emissions-testing scandal currently wracking the company—no doubt drawing upon the success Siemens had when it made a similar offer to employees during a 2006 Foreign Corrupt Practices Act investigation. Opinions differ on the move, ...
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Blog
Barclays’ Cost of Conduct Woes Continue
Barclays is set to pay £65.7 million to settle allegations that it manipulated foreign exchange markets—adding to the $120 million the British bank already paid to the New York Department of Financial Services for its involvement in the Libor scandal. According to a report from the CPP Research Foundation, Barclays’ ...
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Blog
Justice Department Revises U.S. Attorneys’ Manual
Image: During remarks at the American Banking Association and American Bar Association Money Laundering Enforcement Conference, Deputy Attorney General Sally Quillian Yates announced that the Department of Justice has made some significant revisions to its U.S. Attorneys’ Manual, providing new insight on how prosecutors are implementing the Yates Memo. “We ...
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Blog
Early 2015 Inspection Results Hint to Some Improvements
Image: PCAOB Chairman Jim Doty met recently with FASB’s Standing Advisory Group to provide an early look at 2015 inspection results. “Overall early results indicate that the number of deficiencies identified in the engagements inspected appears to be declining from the 2014 inspections results,” he said. “These results vary for ...