All Compliance Week articles in Web Issue – Page 670
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Blog
Errors Persist Into 2014 Year-End XBRL Filings
Image: With another round of annual reports mostly filed through the early part of 2015, experts are assessing the quality of XBRL filings—and seeing not much improvement. Scale errors continue to be the most common problem, says Alex Rapp, co-founder of Calcbench. “Unfortunately, many filers don’t appear to realize this ...
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Article
The Next Plateau for CCOs: Becoming Leaders
Image: More and more evidence suggests compliance officers are now sitting alongside other senior corporate leaders at their organizations—so now they need to exercise that leadership role properly. That was the discussion at Compliance Week 2015, and we have all the insights inside. “More compliance officers are being asked for ...
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Article
The Real State of CCO Legal Liability
A compliance mishap in a company can feel like a professional failure to chief compliance officers; a more urgent question is whether it might also bring professional liability. At Compliance Week 2015, enforcement officials with the SEC and Justice Department, as well as compliance professionals themselves, explored how CCOs can ...
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Article
Audit Relations Continue to Be Strained
Image: Tensions over the audit of internal controls over financial reporting were in focus at the Compliance Week 2015 conference last week, with many saying corporate audit committees will ultimately need to resolve the problem. “We hear the concerns, even frustrations, from company officials over the level of audit work ...
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Blog
Former Commissioners Slam SEC for Inaction on Political Spending Rule
The latest push to get the SEC to act on a rulemaking petition that companies disclose political contributions and spending on lobbyists: pressure from former commissioners. “The Commission’s inaction is inexplicable,” William Henry Donaldson, Arthur Levitt, and Bevis Longstreth wrote in a letter to current SEC Chair Mary Jo White. ...
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Blog
Italian Lawmakers Toughen Anti-Corruption Law
Italy is taking a stance on fighting corruption after the Chamber of Deputies unanimously approved a “contested” regulation, stiffening penalties for balance sheet fraud and graft and other corruption behavior, says a recent report. According to Transparency International’s 2014 Corruption Perceptions Index, Italy ranked 69th on the list, which scores ...
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Blog
FCA Fines Compliance Officer £200,000 in ‘Death Bonds’ Case
Image: Title: FordStewart Ford, CEO of now-defunct investment firm Keydata, has been hit with a record £75 million fine by the Financial Conduct Authority—one of the largest fines ever levied on an individual by the FCA. The British regulator also fined the firm’s sales director £4 million and its compliance ...
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Article
Survey: CCOs Lack Confidence in FCPA Financial Controls
Compliance officers do not have much confidence in their companies’ financial controls to catch books-and-records violations of the FCPA, according to a new report published by Compliance Week and Kroll. The finding was one of many included in the 2015 Anti-Bribery & Corruption Report, looking at all manner of anti-corruption ...
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Blog
Primary Capital Mortgage Names Chief Compliance Officer
Primary Capital Mortgage, a residential mortgage origination and servicing company, has named Debbie Turner as chief compliance officer. In this role, she will be responsible for oversight of the company's compliance management system, focusing specifically on state, federal, and local regulatory compliance. Details inside.
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Blog
Why Simplification Isn’t Simple
Simplicity in accounting is always a great idea, yet complexity always seems to be intruding into reality. This week, Compliance Week columnist Scott Taub tries to deconstruct why complexity endures, and why we may even see it creep into the ostensibly simplified new rule for revenue recognition. “Despite 10 years ...
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Article
COSO Implementation Gets Gritty
Whether you adopted the new COSO framework for internal control last year or stalled into 2015, a chorus of voices say now is the time for implementation (or even polishing last year’s implementation) once and for all. “This year is the time to adopt,” says KPMG partner David Middendorf. Inside, ...
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Blog
Monitoring and Auditing Performance-Enhancing Risks
Every executive knows that what gets measured gets done; the trick for compliance and audit executives is to assure that the metrics you use don’t lead employees to do something reckless. This week, columnist Jose Tabuena looks at the risks of incentives: where they can go wrong, how to help ...
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Resource
The Relationship Between Learning, Workforce Agility, and Business Performance
With a constantly evolving business climate, encountering change is the new normal. As change permeates organizations, it challenges companies’ operational dexterity. Having an agile workforce is paramount to being prepared to effectively and efficiently adapt in times of change for maximum business impact. Organizations that embrace and practice agility are ...
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Blog
States Sue to Stop SEC’s Regulation A+
In petitions filed with the U.S. Court of Appeals for the District of Columbia, officials in Massachusetts and Montana, concerned by the diminished role of state securities regulators, are asking the court to vacate the Securities and Exchange Commission’s expansion of the Regulation A exemption ahead of its June 9 ...
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Blog
FASB Proposes Simplification to M&A Accounting
The Financial Accounting Standards Board is proposing a change to the rules around how to adjust provisional amounts recorded at the time of a transaction to simplify the accounting for business combinations. FASB says stakeholders say current rules are costly and complicated and don’t significantly improve the information available to ...
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Blog
Deutsche Bank to Pay $55 Million for Misstating Financial Reports
Deutsche Bank has agreed to pay a $55 million penalty to the SEC to resolve charges that it filed misstated financial reports, which failed to take into account a material risk for potential losses estimated to be in the billions of dollars, during the height of the financial crisis. Details ...
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Blog
Parting Thoughts From CW 2015
Image: The Compliance Week 2015 conference is now part of history. We had more than 560 compliance and audit professionals join us in Washington last week for three days to discuss all things ethics, compliance, audit, and risk management. Inside, editor Matt Kelly shares his thoughts on the most relevant ...